While Bitcoin and altcoins rose with Trump's victory, the FED also made a 25 basis point cut last night, in line with expectations, further activating the market.
At this point, Cardano led the rise, while the ADA price became the cryptocurrency that gained the most among altcoins, increasing by 16.9% in the last 24 hours as investors waited for $ 100,000 in Bitcoin in the near term following the FED's interest rate cut yesterday.
Following the FED decision, investors' expectations that Bitcoin would reach $100,000 in the short term increased, while analysts evaluated whether this expectation would come true.
“In the short term, $100,000 will be the next big interest level due to the symbolic nature of $100,000 and the step change from double digits,” Min Jung, investment analyst at Presto Research, told Coindesk. “Looking beyond that, we believe the US could eventually add Bitcoin to its balance sheet; perhaps as a ‘strategic Bitcoin reserve.’ Given Trump’s Bitcoin promises, our target for BTC is around 110,000.”
FxPro analyst Alex Kuptsikevich also thinks that Bitcoin will rise. At this point, the analyst expects Bitcoin to be around $100,000-$110,000 in the next 2-3 months. However, the analyst stated that he expects BTC to consolidate before another big rally.
“The leading cryptocurrency Bitcoin rallied sharply following the US election results but is now struggling to maintain its top spot.
It needs to consolidate its strength before the next rally.
“We expect Bitcoin to rise to $100,000-$110,000 in two to three months. And we think that the recent new highs in Bitcoin in general will trigger a strong new wave of growth that has the potential to rise to $100,000-$110,000 in 2-3 months without a significant correction.”
Bitcoin continues to trade at $76,083 at the time of writing.
*This is not investment advice.