According to Cointelegraph, Bitcoin opened the week down to $63,000, with U.S. Federal Reserve Chairman Powell saying that interest rate cuts will continue in the future, but not as large as the recent 50 basis points. Despite this, Bitcoin prices are expected to have positive Q3 earnings.
On September 30, Bitcoin fell about 4% from a high of $65,634 to $63,049, a 3.6% drop in 24 hours, and is currently priced at $63,344.
Powell said in a speech to the National Association for Business Economics in Nashville that two 0.25% rate cuts are expected in 2024.
Powell’s speech came less than two weeks after the Federal Open Market Committee (FOMC) cut interest rates by 50 basis points. Futures markets are pricing in a cautious 0.25% cut at the November meeting and a more aggressive cut in December.
Bitcoin traders still expect Q4 to be bullish. Data shows that Bitcoin prices are expected to rise 0.6% in Q3 and 7% in September.
