Cryptocurrency analyst Timothy Peterson has shared a compelling assessment of Bitcoin's short-term price action. He believes Bitcoin (BTC) has the potential to rally as much as 12% over the next seven days.
The analyst based his assessment on Bitcoin's performance before and after the Fed's Federal Open Market Committee (FOMC) meetings. Peterson noted that in analyses conducted since 2023, Bitcoin's average post-FOMC meeting movement has been approximately 1.5 times its weekly movement prior to the meeting. This means that the trend that begins before the meeting typically strengthens after the decision.
Peterson said, “In this case, Bitcoin has risen by 4% in the last 7 days. Therefore, an average increase of 7% can be expected for the next week. The most likely range is between 0% and 15%.”
The FOMC is the committee that sets US interest rates and directs monetary policy. The Fed cut interest rates by 25 basis points today, as expected, but Chairman Jerome Powell's subsequent speech was viewed as hawkish.
*This is not investment advice.
