Bitcoin Price Prediction Approaching FOMC Decision
Bitcoin starting to climb slowly form its recent dip and may surge more as we get closer to the Fed rate decision this week.
Quick overview
- Bitcoin is experiencing volatility ahead of the Federal Reserve's interest rate decision, having fallen 1.5% in the last 24 hours.
- Market sentiment favors a rate cut, which could potentially drive Bitcoin prices higher.
- Despite recent losses, Bitcoin remains above $90K, indicating some investor confidence as anticipation builds for the Fed meeting.
- While a temporary rise to $95K is possible, Bitcoin may ultimately retreat to just above $90K by the end of the week.
Bitcoin is moving into a potentially very volatile stage ahead of the Federal reserve interest rate decision on Wednesday, and BTC has fallen 1.5% in the last 24 hours.
Investors should expect a very volatile Bitcoin right now as the Federal reserve interest rate meeting approaches. That meeting is scheduled to be held on Wednesday, and market sentiment is very strong in favor of a rate cut, which could propel Bitcoin much higher during.
BTC/USDEven though BTC’s price is down right now from where it was the day before, the coin is in a strong position to climb much higher. Because the BTC price is above $90K and has stayed there for most of the week, investor confidence should be increasing. Investors may be ready to leap on what appears to be a rally for the crypto coin.
What to Expect as the Rate Decision Gets Closer
As we approach Wednesday’s Fed meeting, interest in stocks and crypto tokens is likely to escalate. We could see increased volatility as speculators anticipate a market surge.
At the time of writing, Bitcoin was climbing, having moved from $89,808 (BTC/USD) to $90,502 in a few hours. The coin is making upward progress, but it is slow and may not result in the kind of massive surge that some investors hope for.
Since early October, Bitcoin has been primarily bearish and has lost 27% of its value. That incredible loss has pushed numerous crypto whales and other smaller investors out of the market. Many of them have also traded in their bitcoins for other cryptocurrencies that are performing better, like Ethereum (ETH), XRP (XRP), and Tron (TRX). Several rival coins have done very well in recent weeks while Bitcoin has struggled to keep up investor confidence and maintain its gains.
We expect Bitcoin will climb this week but may fall after the rate cut decision. Investor anticipation should push the coin higher, but in the aftermath of the cut, investors may be disappointed at Bitcoin’s progress and may bail out once more. BTC’s price may rise as high as $95K this week but will likely retreat and end up just above $90K by the time the week is over.
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