As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the current state of Bitcoin. The recent surge to an all-time high above $75,000 and the anticipation surrounding the FOMC meeting have created an electrifying atmosphere in the market.
As a crypto investor, I’ve witnessed an exciting spike in Bitcoin‘s price following Donald Trump’s election victory on Wednesday, soaring to a record high of $75,000 and maintaining its strong position currently. However, my attention is now piqued by the upcoming FOMC meeting set for Thursday, where Fed chair Jerome Powell will express his insights on inflation and outline the future direction we should expect.
Due to the upcoming rate cuts by the Federal Reserve, it’s expected that Bitcoin and the overall cryptocurrency market may experience some fluctuations in the near future. In fact, analysts have been predicting a potential 0.25% reduction in interest rates during the FOMC meetings, which historically has led to increased volatility not only in the crypto sector but also for other risk-related assets.
Based on the current readings from CME Group’s FedWatch Tool, it appears that there is a 97.4% chance of a 0.25% interest rate reduction, as of now. Typically, this move will transpire after Chair Jerome Powell delivers his statement and holds a press conference following the meeting.
Some market experts foresee an immediate response in the value of Bitcoin (BTC). On the X platform, Andrea Capellini stated this.
As a researcher, I’m contemplating a possible price movement toward the $77-$77.5K region, yet I foresee a pullback in the near future. This is primarily because market makers seem to be taking precautions before the upcoming FOMC meeting tomorrow, aiming to minimize potential risks.
The BTC/USD pair continues to see a strong demand even a day after the excitement around the US election settles. In his latest analysis on X, trader Skew highlighted that this is a key factor driving the market, one that was previously missing.
Today’s robust surge in momentum is propelling prices to touch fresh All-Time Highs, breaching a multi-month resistance area around $73,000, and it appears that a significant change is unfolding within the market,” he noted.
Today’s robust BTC Binance spot inflows have propelled the price towards new all-time highs and surged past a significant resistance level (approximately $73,000).
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Further signs of major shift taking place in the underlying market
The underlying market shift here is a clear from the return of passive demand for BTC-…
— Skew Δ (@52kskew) November 7, 2024
Will Bitcoin Price Rally to $100K and Beyond?
Currently finding its value in the price exploration phase, analysts foresee a possible surge towards $100K for Bitcoin. The upward trend of Bitcoin’s price has been stirring more and more optimistic projections about how high Bitcoin could climb. Having burst free from an eight-month holding pattern, BTC/USD is encouraging market players to contemplate even loftier goals.
Conversely, it appears that whales are once again buying Bitcoin. Two significant Bitcoin holders, often referred to as whales, took advantage of the situation by purchasing 1,897 BTC, valued around $142.6 million, from Binance within the past six hours. This accumulation occurred as Bitcoin’s price briefly dropped from its recently established record high, according to SpotonChain’s report.
Approximately six hours back, the BTC wallet identified as “bc1qay” withdrew approximately 1,225 Bitcoins, currently valued at around $92.2 million, at a rate of roughly $75,226 per Bitcoin. Now, this wallet contains about 1,775 Bitcoins, worth over $133.4 million. This means the unrealized profit on this investment stands at approximately $2.56 million.
A whale identified as “bc1qh8” recently withdrew approximately 671.74 Bitcoin, equivalent to around $50.4 million USD, at a rate of roughly $75,080 per BTC, about 45 minutes ago.
These movements come as Bitcoin maintains its strong performance following the recent ATH.
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2024-11-07 19:49