All Eyes on the FED in Bitcoin! How Will FED’s Interest Rate Decision Impact BTC? Analyst Sets Short-Term Price Target!
This week holds significant importance for Bitcoin (BTC) and the entire cryptocurrency market, as all attention is on the US Federal Reserve’s (FED) interest rate decision following the release of May’s CPI and PPI data.
After reaching above $71,000 last week, BTC experienced a sharp decline following the US Nonfarm Payroll data on Friday, dropping to $69,000.
While the Bank of Canada and the European Central Bank have reduced interest rates, many analysts believe it is unlikely that the US Federal Reserve will follow suit.
As per the CME Group FedWatch Tool, interest rates are expected to remain unchanged at 99.4%, with investors anticipating a potential interest rate cut no sooner than September.
What matters here is the kind of statement FED Chairman Jerome Powell will give rather than the actual interest rate decision.
Analysts predict that if Powell delivers positive remarks regarding inflation and interest rate cuts, Bitcoin will witness an increase in value.
Bitcoin Record Target: $89,000!
Renowned cryptocurrency analyst Ali Martinez has projected a significant potential surge in Bitcoin’s price, forecasting a rise to the $89,200 level.
Based on the increasing Bitcoin Buyer Buying Selling Ratio, Martinez highlights the surge in BTC purchases.
The analyst suggests that this substantial buying pressure in BTC might fuel a robust upward movement in the near future, pushing the price as high as $89,200.
Ali Martinez tweeted, “The next potential local top for #Bitcoin could be around $89,200!” on June 9, 2024.
*Disclaimer: This does not constitute investment advice.