🔥 Jun FOMC in a nutshell and the short-term #Bitcoin forecast until the end of 2024

- Rate cut decision: Was unchanged (As expected)
- Rate cut times in 2024: Most likely one, depends on the economic data
- Rate cut times in 2025: Increased to 4 times from 3 times in the previous plan
- Fed Chair's tone: NEUTRAL (No Hawkish - No Dovish)
- Fed Chair's outstanding confirmations: No Fed mems think about hiking rate. Fed will be taking action sooner whenever the economy starts sending some "unhealthy" signals. Fed doesn't need to wait for inflation to be pulled back to 2% to start the rate cut. May CPI was good
👉 Conclusion: Fed is still not confident to begin a new rate cut now and need more economy data, and that means upcoming CPI, PPI, and Jobs data are becoming more important than ever

Instant Effect:
- S&P500: Broke through 5,400 and reach new ATH
- NASDAQ: Broke through previous ATH and set new ATH
- DJIA: Closed with a slight dump of -0.09%
- $BTC surged to $70K after a very good CPI data but started dumping since the FOMC meeting was begun. It sometimes broke down $67K barrier and is now slightly above that price. But why it has been declining since then when it's supposed to have the same effect like Stock Market?

👉 The most appropriate answer probably comes from current investor perspectives which are seeing BTC price is at a high price and among record highs. That makes Stock Market has been become more attractive temporarily
👉 Therefore, BTC will go sideways to a quick correction for a while and will pump hard whenever economic data are negative. And if the inflation data continues to decrease, BTC would set at least two new ATHs from now till the end of 2024
👉 In case a quick correction happens, $55K is a strong barrier to stop the bears

- Trade Wisely and NFA -

⚠️ #Bitcoin used to dump hard during world biggest football events especially in the last two events:

UEFA Euro 2020: Average $BTC fell about 37.4% compared to a month earlier and bounced back about 31.6% in a month later

FIFA World Cup 2022: Average BTC fell about 12.2% compared to a month earlier and bounced back about 29.6% in a month later

If Fed Chair Jerome Powell’s tone is hawkish on tomorrow after FOMC Interest Rate Decision, price might be dumped so hard because many of HODLers find a reason to withdraw and seeking their lucks in the upcoming EUFA Euro 2024 which will be kicked off on this Sat Jun 15

#WRITE2EARN