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The upcoming Federal Reserve meeting is crucial for the crypto market, with experts predicting a rate cut that could drive prices up.
Key Notes
Experts predict a 50 basis point rate cut by the Fed, which could be bullish for crypto.Market direction will depend on Jerome Powell's speech, with recession risks or positive comments being critical.Top Analyst believes the crypto market could experience a major bull run in Q4 2024..Today is a major day in the financial market and a likely historic one for cryptocurrencies, as the Federal Open Market Committee (FOMC) will meet. Crypto expert Ash Crypto, with more than 1 million followers on X, believes this is the most important meeting in four years.
Like Ash Crypto, many investors are paying more attention to the meeting’s outcome as the US Federal Reserve (Fed) prepares to implement its first interest rate cut since March 2020.
Ash Crypto wrote that the market expects a rate cut of 50 basis points (bps), which he believes is a bullish signal for the crypto ecosystem. A lower interest rate could drive the demand and prices of crypto up. However, the analyst noted that all eyes will be on Jerome Powell’s speech, as whatever he says could determine the market’s direction.
Ash stated that if Jerome Powell, the Federal Reserve Chairman, mentions any risk factor regarding recessionary pressures, the crypto market will experience a quick price dump. However, if Powell’s speech is positive and he affirms that things are under control and talks about cutting interest rates, it could have a major positive effect on the crypto market, as prices could spike sharply.
Many top banks expect interest rates to go down in 2024, with predictions between 1% and 1.25%. This expected change in monetary policy and global availability of cash is likely to make it easier for people to invest in riskier assets like Bitcoin and other cryptocurrencies.
The analyst remained confident in his statement. He believed that the fourth quarter would be more bullish for the crypto market, as every situation is currently aligned with that.
Bitcoin’s Future: Consolidation, Support Levels, and Bullish Outlook
Before making the post, the analyst initially predicted that Bitcoin would go up to $100,000 to $150,000. In the analysis given, he noted that BTC has bottomed out, referring to similar patterns the market has followed, which have led to a significant ‘bull run.’ According to Ash Crypto, the crypto market could soon be experiencing a major bull run.
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 🔥 pic.twitter.com/fVBqtl7DXD
— Ash Crypto (@Ashcryptoreal) September 17, 2024
Bitcoin has continued to trade sideways since March, consolidating between $71,000 and $53,000. The sideways trading has also been bearish as the BTC price has continued to make slightly lower lows.
However, if the major support at around $52,000-$53,000 price levels continue to hold, the chances of a major price dip will be curbed. This could allow the price to continue the pattern seen in the past two bull runs, as shown by Ash Crypto.
For a spike to the predicted $100,000 range, we need to see a breakout of the six-month-long consolidation (since March). Perhaps bullish news from FOMC today could kickstart this move.
The relative strength index (RSI) shows a reading of 54 on the daily time frame, which suggests that there is a lot of room to run in case of a bullish spike before the price becomes overbought.
However, the 200-day simple moving average could potentially serve as resistance to further price growth as it is currently above the price. Thus, major bullish news is expected to encounter various resistance at different price levels; overcoming this is important for a sustained BTC rally.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
