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The Focus is on the FED in Bitcoin! How Will FED’s Interest Rate Decision Impact BTC? Analyst Sets Short-Term Price Target!
Bitcoin and other altcoins are anticipating a crucial week ahead with significant data releases.
By:
Elif Azra Güven
June 10, 2024 – 10:03
Updated:
Just now
0
This week holds immense significance for Bitcoin (BTC) and the cryptocurrency market as all eyes turn to the interest rate decision of the US Federal Reserve (FED) following the release of May’s CPI and PPI data.
Despite BTC’s surge above $71,000 last week, it experienced a sharp decline post the US Nonfarm Payroll data on Friday, dropping to $69,000.
While the Bank of Canada and the European Central Bank have decreased interest rates, analysts are skeptical about the US Federal Reserve following suit.
As per the CME Group FedWatch Tool, with interest rates expected to remain unchanged at 99.4%, investors are eyeing a potential interest rate cut earliest in September.
The focus here lies more on the rhetoric of FED Chairman Jerome Powell rather than the actual interest rate decision of the FED.
Analysts speculate that Bitcoin could see a rise if Powell signals positive sentiments regarding inflation and interest rate cuts.
Anticipation of $89,000 Target for Bitcoin!
Renowned cryptocurrency analyst Ali Martinez has forecasted a substantial surge in Bitcoin’s value, projecting a climb to the $89,200 mark.
Highlighting the increasing Bitcoin Buyer Selling Ratio in this projection, the analyst indicates a surge in BTC purchases.
The analyst suggests that this heightened buying pressure in BTC might trigger a robust upward movement in Bitcoin’s price in the near future, potentially reaching as high as $89,200.
The next potential local peak for
#Bitcoin
could be around $89,200!
pic.twitter.com/dVKmFwKnh4
— Ali (@ali_charts)
June 9, 2024
*This is not financial advice.
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