As the cryptocurrency market has slowed down its climb over the past few weeks, which has seen Bitcoin’s price breach the psychological level of $28,000, the flagship cryptocurrency is painting more bullishness in the future as it seems to be breaking the macro downtrend. The market appears to be pricing in a modest 25 basis point rate hike as it waits for tomorrow’s FOMC meeting and its subsequent interest rate decision.
Bitcoin’s Price Breaks Downtrend
According to a prominent crypto analyst, who goes by the pseudonym Rekt Capital on Twitter, published a study on Bitcoin’s price which entails a brewing upward rally for the world’s first cryptographic asset. At the moment, Bitcoin (BTC) has been seen to break past its downtrend, although it is yet unknown whether or not this can be maintained until the end of the month.
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With the Federal Reserve’s rate hike decision just around the corner, many anticipate volatile price swings across market sectors. On the other hand, based on the positive unemployment claims report and the fact that the banking crisis has been avoided for the time being, experts believe that a 25bps rate hike is more likely to occur.
Bitcoin To Rally Despite FOMC Meet?
Considering the interest rate hike decision turns out to be favorable and Bitcoin is able to keep its lead till the end of this month, then BTC price could possibly be headed for a massive upward rally, according to his research. Moreover, he proves his theory with historical depictions of comparable outcomes that have happened in the past, one of which was in 2016 and another in 2020.
Additionally, it should be noted that BTC’s technical analysis (TA) indicators at CoinGape’s price tracker recommend a “Buy” position as summarised by its moving averages: recommending a “buy” at level 14 and “sell” at level 3. And, as things currently stand, the price of Bitcoin (BTC) is exchanging hands at $28,011 which represents a gain of 0.10% over the past 24 hours, in contrast to an increase of 7.80% recorded over the last seven days.
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The post Bitcoin Price To Defy FOMC Meet Outcome? Experts Predict Major Rally If This Key Event Occurs appeared first on CoinGape.
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