🌟 The Fed is about to cut interest rates, Bitcoin price trend forecast for 2024!
With the Federal Reserve about to cut interest rates on September 18, the cryptocurrency community is increasingly discussing how this event will affect the price of Bitcoin. Crypto analyst Apsk32 predicts that Bitcoin's price trend in 2024 may be similar to what happened after the rate cut in 2019.
Looking back at August 2019, Bitcoin prices soared by about 20% in a week after the Fed cut interest rates. But about 3 months later, Bitcoin prices fell by more than 33%, causing market sentiment to turn pessimistic. Apsk32 believes that if the Fed cuts interest rates again this year, Bitcoin may repeat the price fluctuation pattern of that year.
Despite predicting that Bitcoin may experience similar price fluctuations, Apsk32 is optimistic about Bitcoin's long-term potential. He expects Bitcoin's price to rebound in 2025, when the market will take a more positive view of crypto assets. He even predicts that Bitcoin's price may eventually reach $2.6 million per coin, a prediction based on the consistency of Bitcoin's market value with the power law.
Meanwhile, Apsk32’s optimistic forecast echoes the long-term price predictions of asset management firm VanEck. In its latest report, VanEck predicts that Bitcoin could be worth $2.9 million by 2050, with a total market cap of up to $61 trillion. This prediction is based on the assumption that Bitcoin will play a larger role in global trade.
These positive predictions paint a bright picture for Bitcoin’s future development, although it may face price volatility in the short term. Investors should consider a combination of market sentiment, technical analysis, and macroeconomic factors when considering investment decisions.
💬 What do you think about Bitcoin’s upcoming price trend and long-term potential? Leave your insights in the comments section!
