The post Bitcoin Price Targets $60K Ahead of FED Meeting: Will Interest Rate Hike Fuel the Rally? appeared first on Coinpedia Fintech News
Bitcoin has successfully defended the $55,000 mark and is now bouncing back, currently testing the $58,000 level. Traders are eagerly eyeing the $60,000 area, which is seen as a critical resistance point. If Bitcoin holds above this, it could signal stronger upward momentum, further fueling optimism in the market. But is this a sign of calm before the storm, or is the party over for Bitcoin?
Read on to find out what experts are saying and what it means for your crypto holdings.
Matthew Dixon’s Bullish Take: Rally Ahead?
There is a high probability that the #BTC correction is complete.Last nights CPI data was the last piece in the puzzle to give the FED a clear picture for their #Interest rate decision next Wednesday.25bps nailed on imo which should really fuel the $BTC $Crypto rally through… pic.twitter.com/jG7Ty3tr7Y
— Matthew Dixon – CEO Evai (@mdtrade) September 12, 2024
Matthew Dixon, CEO of Evai, is optimistic about Bitcoin’s future, stating that the recent price correction is likely complete. He pointed out that the latest Consumer Price Index (CPI) data was the final puzzle piece needed by the Federal Reserve to make an informed decision on interest rates.
According to Dixon, a 25 basis point hike is “nailed on” for next Wednesday, which could act as a major catalyst for a Bitcoin and broader crypto rally through September and October.
Rate Cut Expectations Fuel Bitcoin’s Rise
The probability of a 25-basis-point rate cut on September 18 has surged to 85%, up from 66% the previous day, according to CME FedWatch. This optimism, sparked by favorable inflation data, has contributed to Bitcoin climbing above $58,000 as traders grow more confident in the Federal Reserve’s monetary policy shift. Meanwhile, the chance of a more aggressive 50-bps rate cut has dropped to 15%, reflecting a more cautious stance.
Market Awaits Fed Decision—Is It 100% Certain?
While traders are betting heavily on a rate cut, Dixon pointed out that it’s “never 100% in reality.” In response to a user on X questioning the certainty of the cut, Dixon emphasized that if the Fed doesn’t proceed with the anticipated cut, it could send shockwaves across financial markets. This underscores the ongoing anticipation surrounding the Fed’s decision and its potential ripple effects on crypto.
Crypto: Where It Stands and Where It Might Go
The global crypto market cap rose 2.12% to $2.04 trillion, with total market volume up 11.6% to $70.89 billion. Stablecoins contributed a massive 91.87% of this volume, $65.13 billion. Despite the overall market growth, Bitcoin’s market cap slipped to $1.148 trillion, while its dominance dipped to 56.21%. However, Bitcoin’s trading volume surged by 19.3%, signaling heightened activity amid growing market confidence.
Is this the beginning of the long-awaited bull run? Only time will tell.
