Here’s why Bitcoin will hit $22K soon

In the latest occurrence of Cointelegraph’s The Market Report, expert Marcel Pechman explores the drivers that constituent to Bitcoin heading to $22,000, with investor sentiment worsening aft Grayscale Investment’s much-hyped ineligible triumph against the United States Securities and Exchange Commission (SEC) connected Aug. 29 and its postponement of aggregate spot Bitcoin (BTC) exchange-traded money applications.

According to Pechman, connected the broadside of the bears are aggregate lawsuits from the SEC against Binance and Coinbase, including a imaginable indictment from the U.S. Department of Justice regarding wealth laundering and facilitating trades from Russian entities. But, much importantly, U.S. ostentation has travel down to 3.2%, and the U.S. Federal Reserve is draining liquidity from the markets.

Pechman besides analyzes BitMEX laminitis Arthur Hayes’s claims that the Bitcoin bull marketplace began successful March. Hayes pinpoints the Silicon Valley Bank fallout and the consequent involution by the U.S. Treasury Department arsenic the turning points for the crypto market.

Pechman agrees with Hayes but raises the contented of the U.S. Dollar Index, which measures the U.S. dollar against different large overseas currencies, specified arsenic the euro oregon the Swiss franc, and present sits astatine the aforesaid level arsenic six months prior. Pechman says investors person realized that different countries would apt illness earlier the U.S. successful the lawsuit of a planetary economical recession.

Ultimately, Pechman believes it doesn’t substance to the Federal Reserve if salvaging the banks could trigger economical turmoil, fixed that U.S. Treasurys and the U.S. dollar are inactive considered the safest options. 

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