Bitcoin (BTC) Price Prediction Following Climb to $64,800

Quick overview

Bitcoin (BTC) gained more than 4% over the last week, bucking a lengthy downward trend and giving hope to investors that the market may be on the mend.

Risk for crypto assets dipped this week after a lower than expected inflation reading came in, allowing Bitcoin to move up 2.6% on Wednesday and continue gains made already for the week. Now at $64,853 (BTC/USD), Bitcoin is nearing a four-week high and building momentum along with the rest of the crypto market.

For the past seven days, XRP gained 2.66% and Ethereum (ETH) added an impressive 9.47%. Sizable gains have been recorded for Dogecoin (DOGE), Zcash (ZEC), Chainlink (LINK) and Canton (CC), and the market appears to be headed to even greater increases over the coming days.

Bitcoin’s Bull Trend Kept in Check

One of the top factors holding Bitcoin and the wider crypto market back right now is the Iran/United States conflict. The fighting there has been renewed since early on in July, and there is no apparent end in sight. Both sides launched military strikes back and forth over the past five days, adding pressure to markets where investors are already concerned about inflation and lengthy downward trends.

However, the latest inflation reading was slightly positive, and it was low enough to warrant analysts predicting less aggressive moves from the Fed moving forward. Consumer prices climbed 3.5% for June, which was not as high as expected, and the consumer price index fell 0.4%.

This gives Bitcoin and other crypto tokens a little space to breathe, and what we have seen over the last week is a slow uptrend that is testing the upper limits of where these coins have climbed over the past few weeks. As Bitcoin moves, so moves the crypto market, and it appears that Bitcoin is building up bullish momentum.

News out of Iran will still impact the coin and could halt its upward progress, but the U.S. economy continues to show signs of recovery through falling inflation and promising job market readings, then Bitcoin could regain a lot of lost ground. Investors are already taking notice, and trade volume rose more than 8% over the last day to hit $29.4 billion.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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