Bitcoin and cryptocurrency markets are in an important week where critical decisions will be announced. The most important of these is undoubtedly the FED's interest rate decision and the subsequent statements by FED Chairman Jerome Powell.
BTC and the market are experiencing a general correction as they prepare for the FOMC meeting. As BTC price falls below $61,000 during this correction, analysts are predicting potential volatility for Bitcoin and Ethereum (ETH).
At this point, while investors were worried about the continuation of the declines, popular analyst Michael van de Poppe stated that he expected BTC to rise after the FOMC meeting.
Arguing that historically Bitcoin fell before the FOMC but rose again afterwards, Poppe said that the same pattern is happening now.
Poppe, who expects a further decline in Bitcoin with the impact of this week's important events, claimed that BTC will reach the bottom within a week. Poppe advised investors to buy BTC below $61,000 and wait for the rise.
“The huge macroeconomic week starts today.
I expect some further downward movements in Bitcoin, I think we will find the bottom within a week from now.
Take the liquidity below $61k and wait for an upward move from there.
There is a FOMC and ADP non-farm employment change tomorrow.
“Bitcoin usually drops before the FOMC and then bounces back up, so I think we'll see that price action again.”
Bitcoin, which dropped to $60,700 during the day, continues to be traded at $61,240 at the time of writing.
Massive macro-economic week, starting today.
Expecting some more downside on #Bitcoin to be happening, after which I think we'll find the bottom within one week.
Taking liquidity <$61K and rotate back up from there. pic.twitter.com/KZSbGksRfZ
— Michaël van de Poppe (@CryptoMichNL) April 30, 2024
*This is not investment advice.
