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All Eyes 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 anticipating a crucial week ahead with significant announcements on the horizon.
Author:
Elif Azra Güven
10.06.2024 – 10:03
Update:
7 seconds ago
0
This upcoming week holds immense significance for Bitcoin (BTC) and the wider cryptocurrency market. The focus is now on the US Federal Reserve (FED) interest rate decision following the release of May’s CPI and PPI data.
Despite BTC climbing above $71,000 last week, it experienced a sharp decline post the US Nonfarm Payroll data on Friday, dropping to $69,000.
While the Bank of Canada and the European Central Bank have already reduced interest rates, experts believe the likelihood of the US Federal Reserve following suit is minimal.
As per the CME Group FedWatch Tool, there is a 99.4% likelihood that interest rates will remain unchanged, with investors eyeing a potential rate cut as early as September.
The focus now shifts to the type of message FED Chairman Jerome Powell will convey, rather than just the interest rate decision itself.
Analysts anticipate a surge in Bitcoin prices if Powell delivers positive remarks on inflation and potential rate cuts.
Anticipated Target of $89,000 for Bitcoin!
Renowned cryptocurrency analyst Ali Martinez has forecasted a substantial increase in Bitcoin’s value, predicting a surge to the $89,200 mark.
Citing the escalating Bitcoin Buyer Buying Selling Ratio in this projection, the analyst highlights the uptick in BTC purchases.
The analyst suggests that this notable buying pressure in BTC could lead to a robust upward movement in the Bitcoin price in the near future, potentially reaching $89,200.
The next probable local peak for
#Bitcoin
might be approximately $89,200!
pic.twitter.com/dVKmFwKnh4
— Ali (@ali_charts)
June 9, 2024
*This does not constitute investment advice.
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