All attention in the leading cryptocurrency Bitcoin is focused on the FED decision to be announced this evening.
While it is almost certain that the FED will cut interest rates, it is thought that this interest rate cut will be positive for the BTC and cryptocurrency markets.
Digital asset fund Capriole Investments said in its latest report that BTC is at a significant turning point.
The report stated that with the FED lowering interest rates, Bitcoin will regain $64,000 very quickly.
Capriole Investments founder Charles Edwards said that Bitcoin will rise in the fourth quarter, which is seen as the best quarter, and that macroeconomic events will also support this rise.
“Although the BTC/USD pair has barely moved in the last month, it is ready to start its classic bull market moves with the Fed lowering interest rates.
Barring any bearish surprises from FFED, we think BTC’s first target is $64,000, holding onto its weekly support.
A weekly close above $64,000 would end a 7-month streak of lows and we would likely see a quick return to $70,000 and possibly even higher.”
Pointing out that historically, Bitcoin's best performance was in the 4th quarter, Edwards stated that he expects BTC to complete the consolidation period that started after the halving and for the rise to begin.
Bitcoin continues to trade at $59,958 at the time of writing.
*This is not investment advice.