Price analysis 8/26: BTC, ETH, XRP, LINK, BCH, LTC, BSV, CRO, BNB, ADA

 

Bitcoin and altcoins are likely to remain range-bound in the short-term as the bulls and the bears attempt to assert their dominance.

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Price analysis 8/26: BTC, ETH, XRP, LINK, BCH, LTC, BSV, CRO, BNB, ADA PRICE ANALYSIS

On Thursday, U.S. Federal Reserve chairman Jerome Powell is expected to deliver an important speech that will highlight a new strategy of targeting “average inflation.” This means that the Fed might allow inflation to overshoot the 2% target temporarily if it has spent a long time below that level.

If the Fed adopts this new strategy, it could keep interest rates near zero for five years or more, according to a Bloomberg report.

The abundant liquidity is likely to drive asset prices higher across the board and create bubbles that will eventually burst. If this occurs, investors are likely to lose complete faith in the central banks and fiat currencies.

Daily cryptocurrency market performance. Source: Coin360

Daily cryptocurrency market performance. Source: Coin360

Smart investors are likely to seek the safety of gold and Bitcoin (BTC) during this time of uncertainty. Larger investors have already started accumulating Bitcoin and this has pushed the number of addresses holding over 1,000 BTC to a new record high.

While this is all great news, traders will want to know if the crypto market will extend it’s current up-move or whether a period of extended consolidation is at hand.

Let’s study the charts to find out!

BTC/USD

Bitcoin plunged