All eyes on Bitcoin (BTC) and the markets are focused on the interest rate announcement from the FED.
Despite the volatile movements before the FED interest rate decision, Bitcoin is above $ 28,000, while the largest altcoin Ethereum (ETH) is just below $ 1,800.
According to Bloomberg, Bitcoin is expected to reach $30,000 after the FED's decision, as investors and analysts expect the FED to reduce or keep the interest rate constant due to the ongoing banking crisis in the United States.
Because analysts state that many investors started investing in Bitcoin as a precaution after the banking crisis, and BTC gradually replaced gold.
In this context, Pepperstone Group research head Chris Weston, speaking to Bloomberg, said that the FED's move after the banking crisis increased Bitcoin and gold prices.
Also famous Bitcoin advocate, Ark Invest CEO Cathie Wood, argued that this crisis attracted more institutions to invest in Bitcoin.
Finally, IG Australia market analyst Tony Sycamore stated that there is an inverted head-and-shoulders pattern on the Bitcoin chart.
Claiming that this model is a bullish model indicating a further increase in the BTC price, Sycamore continued his words as follows:
âMy technical analysis of Bitcoin shows that the price is poised to rise towards $35,000.
Because interest rate markets have moved from pricing rate increases to pricing rate cuts.
In this context, there is now a slight tailwind supporting Bitcoin's price increase.â
Source: bitcoinsistemi.com
*This is not investment advice.
