Bitcoin on the Path of Six Figures – Will History Propel BTC Price Up?
Bitcoin had a solid week and will likely close it above the $64k area. This means that the BTC price has pumped 8% this week, which is generally considered pretty solid for the king of all cryptos.
Altcoin Daily’s YouTube channel posted a viral video today featuring Ben Cowen. They provided some useful analysis on Bitcoin’s history patterns, global market outlook, and BTC price predictions.
US Economy and Market Outlook
The US Federal Reserve wants to manage inflation and the goal is to keep it around 2%. While inflation is trending down, there’s a possibility of a resurgence, similar to what happened in the 1970s. The Fed is also wary of avoiding deflation, which occurred in the 1940s due to overly tight monetary policies. Currently, the unemployment rate is increasing slightly but remains low at 4.3%.
There’s optimism that the economy could achieve a soft landing, with the Fed likely to cut rates in 2025. The performance of riskier assets, like Bitcoin, will depend heavily on when the Fed decides to loosen monetary policy.
On a side note: Bitcoin ETFs experienced a surge on August 25th, recording a $252 million inflow—the highest seen in a month.
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Show more +Show less – Bitcoin History and BTC Price Predictions
Moreover, Cowen discusses Bitcoin’s four-year cycle, where it typically peaks in the fourth quarter of the post-halving year. The current cycle resembles past cycles, especially the 2019 pattern, where Bitcoin had a strong rally followed by a significant pullback.
