After FED Chairman Jerome Powell announced the central bank's decision to cut interest rates after a four-year hiatus, Bitcoin$BTC
its price has risen above $63,000.
This news has had a significant impact on the cryptocurrency market, with analysts predicting that the largest cryptocurrency by market cap could see new all-time highs. “There is a significant opportunity for us to see a price rally throughout the rest of the year and push Bitcoin towards a new all-time high,” said Alice Liu, principal researcher at CoinMarketCap. She noted that historically, Bitcoin has rallied by as much as 90% in the fourth quarter, and that trend could repeat this year.
The FED's decision to reduce interest rates by 0.5% to between 4.75% and 5% aims to stimulate the economy by reducing inflation. Powell stated that the US economy is built on solid foundations and that they expect this step to reduce borrowing costs and encourage investment in riskier assets, namely stocks and cryptocurrencies.
Bitcoin’s price movements are closely tied to liquidity conditions, and low interest rates typically lead to increased liquidity. “Bitcoin is very much correlated to its liquidity environment, and that should support higher prices through the end of the year and beyond,” said Steven Lubka, head of Swan Private at Swan Bitcoin.
If Bitcoin surpasses its all-time high of $73,000, it could further boost the crypto sector. With the total market value of cryptocurrencies exceeding $2.2 trillion, a new peak in Bitcoin could trigger gains in other assets. However, market analysts warn that uncertainty surrounding the upcoming US elections could cause volatility. The presidential race between former President Donald Trump and Vice President Kamala Harris is thought to affect Bitcoin’s direction. While Trump supports the crypto sector, Harris’ stance is unclear. Bernstein analysts predict that Bitcoin could rise to $90,000 by the end of the year if Trump wins, while prices could fall to $30,000 if he loses.
Despite potential political hurdles, Greg Magadini, Director of Derivatives at Amberdata, believes Bitcoin remains a strong investment vehicle. “Elections may create regulatory hurdles, but monetary policy provides a favorable environment, making Bitcoin the most likely winner,” he said.
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I EXPLAIN IN DETAILED.
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