As a seasoned researcher with extensive experience in the financial market and cryptocurrencies, I find myself intrigued by today’s FOMC meeting. The anticipation is palpable, especially considering it’s been four years since such an event has held this much potential impact.
Today holds significant importance for both the financial market and the world of cryptocurrencies, as the Federal Open Market Committee (FOMC) convenes – a gathering that crypto analyst Ash Crypto, boasting over a million followers on platform X, considers the most significant since four years ago.
Similar to how some people closely watch the developments of Ash Crypto, a growing number of investors are eagerly anticipating the results of the upcoming Fed meeting, given that it’s been nearly two years since the US Federal Reserve last implemented an interest rate cut, back in March 2020.
As an analyst, I’ve observed that Ash Crypto posits a potential 50 basis point rate cut as a positive indicator for the cryptocurrency market. Lower interest rates might spark increased demand and potentially elevate crypto prices. Nevertheless, it’s crucial to keep a close watch on Jerome Powell’s forthcoming speech, as his words could significantly influence the market trend.
In simpler terms, Ash explained that if Jerome Powell, the head of the Federal Reserve, brings up any potential signs of economic recession during his speech, the cryptocurrency market may see an immediate drop in prices. Conversely, if Powell’s speech is optimistic and he indicates that everything is under control, and discusses lowering interest rates, this could lead to a significant increase in crypto market prices, potentially causing them to rise dramatically.
2024 may see a decrease in interest rates according to leading financial institutions, with estimates ranging from 1% to 1.25%. This potential shift in monetary policy, coupled with an abundance of cash globally, could facilitate increased investment opportunities in high-risk assets such as Bitcoin and other digital currencies.
The analyst maintained a strong conviction in his declaration. He was convinced that the fourth quarter would exhibit a more optimistic trend for the cryptocurrency market, given that all present circumstances seem to be supporting this prediction.
Bitcoin’s Future: Consolidation, Support Levels, and Bullish Outlook
Previously, the analyst anticipated that Bitcoin’s price might range from $100,000 to $150,000 in his initial forecast. In his subsequent analysis, he pointed out that BTC appears to have hit its lowest point, using historical market patterns as a reference, which often precede a strong ‘uptrend.’ According to Ash Crypto’s assessment, there’s a good chance the crypto market might soon witness a substantial bullish trend.
BITCOIN IS GOING TO $100K-$150K
IF YOU’RE IN DOUBT, ZOOM OUT.
BTC HAS BOTTOMED OUT. THE GREEN CANDLE ARMY WILL BE DEPLOYED SOON 🔥
— Ash Crypto (@Ashcryptoreal) September 17, 2024
Bitcoin’s movement has remained relatively stable since March, fluctuating between roughly $71,000 and $53,000. This period of stability, however, has been accompanied by a downward trend, as the Bitcoin price has consistently reached new minor lows.
If the significant resistance at approximately $52,000 to $53,000 persists and holds firm, it may prevent a significant price drop. In this case, the price trend observed during the previous two bull markets, as demonstrated by Ash Crypto, could potentially continue.
To reach a potential spike within the $100,000 price range, it’s important for there to be a rupture in the six-month-long period of holding steady (starting from March). Positive announcements from FOMC today might trigger this development.
On the day-to-day chart, the Relative Strength Index (RSI) stands at 54, indicating a potential for further growth if there’s an upward surge in the market, as it hasn’t yet reached the point of being overbought.
Instead, let’s consider that the 200-day simple moving average might act as a barrier preventing additional price increases because it sits higher than the current price. In other words, positive news about Bitcoin (BTC) may face resistance at multiple price points, and breaking through this resistance is vital for a prolonged upward trend.
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2024-09-18 16:11