Will the Fed’s rate cut and the US election become turning points in the cryptocurrency world?
Other crypto analysts point out that $65,000 is the price level that Bitcoin must recover to see a bullish reversal. However, with the upcoming rate cut and the U.S. presidential election, Bitcoin bulls may be patiently watching the market’s reaction to the Federal Reserve’s September 18 interest rate announcement.
The Federal Reserve announced an interest rate cut policy early this morning: the Federal Reserve cut interest rates by 50BP to start a rate cut cycle, lowering the federal funds rate by 50 basis points to 4.75%-5.00%, which is the first rate cut since March 2020.
The interest rate cut policy has been implemented, and the next step is the US election. No matter who comes to power, it will change the basic direction of the crypto market!
Will BTC hit $100,000 in 2024 or plummet to $15,000?
As we navigate the ever-changing world of cryptocurrency, one question remains on every investor’s mind: What’s the future of Bitcoin? In this article, you’ll find the latest analysis of the Bitcoin market!
Bitcoin price charts and trends
Analyzing the Bitcoin price chart, we can notice that higher lows have been formed since the beginning of the year. However, it is characterized by periods of consolidation, which is common in bull runs in growing markets. The recent touch of $62,500 is the psychological level that all traders and investors need to decide on.
However, it is important to state that this fact may not be universal and Bitcoin price may also show other trends. Technical analysis shows that while the general trend is upwards, we have little or no selling at such high levels.
Bitcoin Price Analysis: Overall long-term trend remains in bear market territory
As several analysts have pointed out, Bitcoin MVRV momentum suggests that the number one cryptocurrency has been heading south. The trend has not reversed, and as long as Bitcoin is bearish, the cryptocurrency’s value is prone to more losses.
The level to watch out for is around $58,100; if it falls below that level, we could find ourselves looking towards $55,000. On the other hand, if Bitcoin gets stuck at the lower boundary of the parallel channel, it could easily rally to the mid-to-upper range of $60,200 or $62,000.
Could Bitcoin Price Drop to $15,000?
According to renowned economist Peter Schiff, Bitcoin could still go as low as $15,000. He explained a formation that he said would form a triple top on the Bitcoin chart and a double top on the same chart when priced in gold.
Interestingly, Schiff is a Bitcoin skeptic, however, the predictions he makes are believable. In the worst-case scenario, he expects BTC to drop to around $42,000, which he believes will not hold the support line.
Conclusion: Future Outlook of Bitcoin Market
The future of the Bitcoin market can be considered with a slight optimism. Short-term price fluctuations are high, however, there are more facts that support the long-term use of Bitcoin as a currency. Greater adoption of blockchain in various industries and progress in accepting cryptocurrencies as physical assets will automatically lead to an increase in the demand for Bitcoin.
Still, one must remember that the cryptocurrency market remains highly volatile since last year. However, users should be aware that Bitcoin price predictions are just predictions and contain numerous uncertainties.
Speculating on the future of Bitcoin's price is risky, if not impossible. However, some analysts agree that the current value of Bitcoin will increase in the future as the currency evolves. Nonetheless, others believe that Bitcoin could easily rise to $100,000 or more, especially within the next 2-3 years!
