Price of the decentralized cryptocurrency Bitcoin (BTC) witnessed a sharp decrease, reaching as low as $56,940, marking a decline of over 9.30% within the past 24 hours, as per the data sourced from CoinMarketCap. This decline is attributed to the anticipation surrounding the upcoming announcement by the United States Federal Reserve regarding potential adjustments to interest rates. The announcement is scheduled to take place during the conference slated for 2 PM ET later today.
Traders are anticipating a significant shift in the stock market amid concerns that the Federal Reserve may opt to maintain higher interest rates for an extended duration. There is speculation that interest rates will remain unchanged, given that inflation levels have not sufficiently decreased. Nevertheless, there is some optimism that rates could potentially be lowered in the future.
With an increasing number of financial institutions participating in the market via various spot Bitcoin exchange-traded funds (ETFs), Bitcoin’s sensitivity to interest rate decisions increases.
The broader cryptocurrency market has also experienced a downturn. With Bitcoin dropping, altcoins followed suit, witnessing a general decline, including PYTH, falling 10.25% in the last 24 hours and is currently priced at $0.494, BAKE, experiencing an 11.74% decline in the last 24 hours and now priced at $0.2195, JTO, down by 10.1% in the last 24 hours and currently quoted at $2.875, DOGE, witnessing an 11.5% decrease in the last 24 hours and currently priced at $0.126, NEAR, falling 12.77% in the last 24 hours and is now quoted at $5.92 among others.
Bitcoin Faces Potential End To Seven-Month Bull Streak, Peter Brandt Forecasts Market Downturn
The recent downturn in price marks the potential conclusion of a seven-month streak during which Bitcoin consistently closed each month at a higher value than its initial starting point. This trend, which has been ongoing since August, is now at risk of ending with the possibility of recording its first monthly loss.
Peter Brandt, a senior chart analyst and founder of Factor Trading, who accurately forecasted the Bitcoin crash in 2018, has recently published an article suggesting that the Bitcoin bull market might have reached its peak and anticipates a potential price decline of nearly 50%.
The analyst highlighted a 25% probability that Bitcoin’s ongoing bull cycle has concluded following its peak of around $73,000 in March. He envisions Bitcoin prices retracing back to their 2021 lows, surpassing $30,000, representing a decline of approximately 50% from current levels.
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