There are two critical events ahead of Bitcoin: the FED interest rate decision and the US presidential election.
The FED interest rate decision will be announced tomorrow, while the presidential election will take place in November. While two events are expected to move and increase the BTC price in the market, Australian cryptocurrency trading firm Zerocap said that the Bitcoin price is difficult to predict.
Zerocap chief investment officer Jonathan de Wet said that the Bitcoin price could fall to $53,000 or rise to $65,000 after the Fed rate cut.
Wet said that BTC price movement is difficult to predict due to the ongoing uncertainty around the rate cut, and the situation for BTC is further complicated by the uncertainty surrounding the US presidential election in November.
“Following BTC's recent movements, we see a downside target of $53,000 for BTC after the interest rate decision and an upside target of $65,000 after the upward break from the falling wedge formation.
“It's hard to determine direction until we get closer to the election, but the risks in the conditions could lead to a positive sentiment in the short term.”
Finally, Wet said that the uncertainty surrounding the upcoming US elections has negatively affected the Bitcoin and cryptocurrency markets, with investors worried that Kamala Harris’ victory will negatively impact the crypto sector.
Wet also added that Bitcoin would be positively impacted if Trump wins.
*This is not investment advice.