Bitcoin price hits $24K — time to ‘BUY BTC?’

Key Takeaways:

  • Bitcoin analyst asserts its time to BUY.
  • The opinion is based on TGX indicator.
  • Macroeconomic factors are not definitive.
Buy BTC, Bitcoin price hits $24K — time to ‘BUY BTC?’
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YEREVAN (CoinChapter.com) – Bitcoin (BTC) price stood at $24,244 in the Asian-Pacific session on July 29, after a 15% upside move since July 27. While the macroeconomy seems to roll into recession, NebraskanGooner, a crypto analyst and a youtube with a vast following, calls a ‘BUY’ on the flagship crypto.

As the Bitcoin price chart below indicates, the BTC/USD exchange rate stood 65% below its Nov. 2021 all-time high of $69,000.

Bitcoin (BTC) daily price chart. Source: TradingView.com
Bitcoin (BTC) daily price chart. Source: TradingView.com

Also read: Bitcoin block reward indicator suggests BTC accumulation is near.

Is it time to BUY BTC?

In detail, the analyst used the Top Goon X (TGX), a momentum indicator that helps determine the most profitable market entry and exit points.

Top Goon X is designed to detect early trend continuation & reversals It’s showing sell approaching signals with a breakdown in momentum below a key area.

mentioned the analyst earlier.

Nebraskangooner commented on Bitcoin’s current value, pointing out that his Buy BTC alert was approaching on the daily chart. The previous alert was in 2019, said the analyst, and underscored the importance of BTC not sliding below $21,450.

Also read: Bitcoin price risks massive dip below $20K amid FOMC rate hike scare.

The green cross on the analyst’s chart says the bottom is in, according to the TGX indicator. Additionally, the yellow dots on the relative strength index (RSI) graph show a bullish divergence, backing the ‘BUY’ signal.

Did the interest rate hikes help BTC?

The growing inflation and the Federal Reserve’s hawkish policies to hold it in place tend to hurt the crypto market. However, the FOMC meeting on Wednesday resulted in a 75 bps rate hike instead of 100, which could have spurred the traders to raise the Bitcoin value.

Some experts believe the market rallied because investors were “expecting worse.” As a result, the number of accounts holding more than one Bitcoin reached an all-time high, adopting a sharper upward trajectory.

Pav Hundal, an analyst at the Australian crypto exchange Swyftx, also noted that a real gouge of the economic background would come with releasing gross domestic product (GDP) data for July. He also asserted that negative sentiment could “wipe out recent gains.”

Also read: Bitcoin Price Forms Bullish Breakout Pattern, Why Trend Remains Positive.

However, if the macroeconomic background stabilizes, so could the crypto market cap. As for Bitcoin prediction, the flagship crypto bulls should wait for further cues from the fiat economy to make a well-rounded investment decision.

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Buy BTC, Bitcoin price hits $24K — time to ‘BUY BTC?’

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