Bitcoin May Follow 2019 Trend in 2024 Post-Fed Rate Drop
Bitcoin, the biggest crypto asset, is being discussed extensively as the Federal Reserve (FED) interest rate drop approaches. However, a crypto expert has anticipated a similar price impact to earlier instances, especially in 2019.
Bitcoin to Pop-and-Drop
Bitcoin's price performance after the Fed's September 18 interest rate decrease has been discussed by crypto specialist and engineer Apsk32. The analyst expects Bitcoin to have a similar pricing effect in 2024 as in 2019 when rates were lowered.
Bitcoin rose 20% in one week after the Federal Reserve reduced interest rates in August 2019, according to the crypto expert. Three months after the event, the digital asset lost momentum and fell over 33%, causing industry pessimism.
Apsk32 believes that if the Fed eases monetary policy this year, BTC's price may follow 2019's positive and negative trends.
BTC may explode and tumble, but the expert doubts it will fall 33% from here. He has put his base price for Bitcoin between $45,000 and $55,000, expecting a rebound in 2025, a hopeful year for the digital currency.
Apsk32's earlier daring prediction of $2.6 million per BTC shows his long-term optimism regarding Bitcoin. He bases his prediction on the digital asset's power law-aligned market cap.
The analyst said that a power law has regulated BTC's market capitalization's buying power since 2011. If the trend continues, the coin will be worth $2.6 million in 10 years.
BTC Bullish Prediction Wave
VanEck, like Apsk32, expected a similar long-term BTC price range. In its recent study, the $100 billion asset manager predicted BTC's market valuation of $61 trillion by 2050 at $2.9 million.
Bitcoin Bulls Unite: Cathie Wood's $2.3 Million Forecast Gains Robert Kiyosaki support
By 2050, Bitcoin may settle 10% of international commerce and 5% of domestic trade, enabling central banks to hold 2.5% of their assets in BTC, according to VanEck.
#USNonFarmPayrollReport #PowellAtJacksonHole #CryptoMarketMoves #BTC $BTC
