Bitcoin (BTC) and the markets turned to the interest statement from the FED.
Despite the volatile movements before the Fed rate decision, Bitcoin is above $ 28,000, while the largest altcoin Ethereum (ETH) is just below $ 1,800.
According to Bloomberg’s report, Bitcoin is expected to reach $30,000 after the FED’s decision, as investors and analysts expect the FED to cut the interest rate or keep it constant due to the ongoing banking crisis in the USA.
Because analysts state that many investors started to invest in Bitcoin as a precautionary measure after the banking crisis and that BTC gradually replaced gold.
Speaking to Bloomberg in this context, Pepperstone Group research head Chris Weston said that after the banking crisis, the FED’s move increased Bitcoin and gold prices
Again, the famous Bitcoin advocate Ark Invest CEO Cathie Wood also argued that this crisis attracted more institutions to invest in Bitcoin.
Finally, IG Australia market analyst Tony Sycamore stated that there is an inverted head-and-shoulder pattern in the Bitcoin chart.
Claiming that this model is an upward pattern pointing to a further increase in BTC price, Sycamore continued his words as follows:
“My Bitcoin technical analysis shows that the price is poised to rise towards $35,000.
Because interest rate markets have moved from pricing rate increases to pricing rate cuts.
In this regard, there is now a slight tailwind supporting Bitcoin’s price increase.”
*Not investment advice.