Here’s why Bitcoin will hit $22K soon

Marcel Pechman12 hours agoHere’s why Bitcoin will hit $22K soonThis week, The Market Report discusses why $22,000 is the next logical step for Bitcoin and why BitMEX co-founder Arthur Hayes claims the bull market started back in March.9116 Total views22 Total sharesListen to article 0:00Cointelegraph YouTube SubscribeJoin us on social networksIn the latest episode of Cointelegraph’s The Market Report, analyst Marcel Pechman explores the drivers that point to Bitcoin heading to $22,000, with investor sentiment worsening after Grayscale Investment’s much-hyped legal victory against the United States Securities and Exchange Commission (SEC) on Aug. 29 and its postponement of multiple spot Bitcoin (BTC) exchange-traded fund applications.

According to Pechman, on the side of the bears are multiple lawsuits from the SEC against Binance and Coinbase, including a potential indictment from the U.S. Department of Justice regarding money laundering and facilitating trades from Russian entities. But, more importantly, U.S. inflation has come down to 3.2%, and the U.S. Federal Reserve is draining liquidity from the markets.

Pechman also analyzes BitMEX founder Arthur Hayes’s claims that the Bitcoin bull market began in March. Hayes pinpoints the Silicon Valley Bank fallout and the subsequent intervention by the U.S. Treasury Department as the turning points for the crypto market.

Pechman agrees with Hayes but raises the issue of the U.S. Dollar Index, which measures the U.S. dollar against other major foreign currencies, such as the euro or the Swiss franc, and now sits at the same level as six months prior. Pechman says investors have realized that other countries would likely collapse before the U.S. in the event of a global economic recession.

Ultimately, Pechman believes it doesn’t matter to the Federal Reserve if salvaging the banks could trigger economic turmoil, given that U.S. Treasurys and the U.S. dollar are still considered the safest options. 

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Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.# Bitcoin# Cryptocurrencies# Dollar# Bitcoin Price# Bitcoin Analysis# SEC# ETF# Predictions# Arthur Hayes# Binance# Price Analysis# Market Update# RegulationAdd reactionAdd reactionRead moreWho invented NFTs?: A brief history of nonfungible tokensBitcoin ETF applications: Who is filing and when the SEC may decideHow to handle crypto trading gains and losses on your balance sheet