🚀 Bitcoin breaks through the $62,000 mark, what do analysts think?
After the Federal Reserve announced a 0.5% interest rate cut, the price of Bitcoin ushered in a long-awaited spring, soaring to a staged high since the end of August. In the past 24 hours, BTC has risen by more than 5%, breaking the $62,000 mark for the first time in more than three weeks!
🗣 Analyst's view:
Crypto analyst "Nebraskangooner" posted on social media X that this is a key breakthrough, and the next target resistance level is $63,500 to $64,000. Will Clemente, co-founder of Reflexivity Research, is targeting a "higher high" of $65,000, indicating a possible sharp upward trend.
However, analyst Willy Woo pointed out that a large amount of spot BTC is currently sold out, and if a short squeeze occurs, the market may change rapidly. Trader "Bluntz" also told his followers that the market is about to usher in a macro rally, and you have about 3 to 4 months to make as much money as possible.
🌐 The impact of interest rate cuts on the crypto market
Since the Fed's decision to cut interest rates, the total market value of the entire cryptocurrency market has increased by $100 billion and is currently stable at $2.24 trillion, the highest level since the end of August. Ethereum has regained the $2,400 level, and the altcoin market has also generally shown an upward trend, with SOL, AVAX, BCH and NEAR performing well.
The rise after the rate cut was largely expected, but it remains to be seen whether the cryptocurrency market can continue this momentum over the weekend. Economist Alex Krüger mentioned that the Fed's loose policy is also good for Bitcoin, but the market trend will be affected by more other factors, such as who wins the US presidential election.
💬 Do you think this wave of Bitcoin's rise can continue? In such a market environment, do you prefer to hold or trade? In addition to Bitcoin, which other cryptocurrencies do you like?
