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All Eyes Fixed on the FED in Bitcoin! How Will FED’s Interest Rate Decision Impact BTC? Analyst Sets Short-Term Price Target!
Bitcoin and other altcoins are on edge this week as crucial information is set to be revealed.
Author:
Elif Azra Güven
10.06.2024 – 10:03
Update:
7 seconds ago
0
This particular week holds immense significance for Bitcoin (BTC) and the digital currency market. The focus is now on the interest rate ruling of the US Federal Reserve (FED) subsequent to the disclosure of May’s CPI and PPI data.
Despite BTC soaring over $71,000 the previous week, it experienced a steep decline post the release of US Nonfarm Payroll records on Friday, plummeting to $69,000.
While the Bank of Canada and the European Central Bank have slashed interest rates, many analysts are doubtful about the likelihood of the US Federal Reserve following suit.
As per the CME Group FedWatch Tool, with a 99.4% probability of interest rates remaining unchanged, investors anticipate the earliest potential rate cut to take place in September.
The more significant aspect here is the nature of the statement that FED Chairman Jerome Powell will issue, rather than the FED’s interest rate determination.
Analysts anticipate Bitcoin to surge if Powell delivers optimistic signals concerning inflation and potential rate reductions.
Anticipated Target of $89,000 for Bitcoin!
Renowned cryptocurrency analyst Ali Martinez has forecasted a substantial prospective surge in Bitcoin’s value, envisioning a spike to the $89,200 mark.
Citing the escalating Bitcoin Buyer Buying Selling Ratio in this projection, the analyst highlighted the surge in BTC acquisitions.
The analyst speculates that this notable buying pressure in BTC might trigger a robust upward movement in Bitcoin’s price in the near future, potentially reaching as high as $89,200.
The following probable local peak for
#Bitcoin
could hover around $89,200!
pic.twitter.com/dVKmFwKnh4
— Ali (@ali_charts)
June 9, 2024
*This does not constitute investment advice.
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