Strong sentiment in the crypto market is driving Bitcoin price to hold above the $28,000 level despite volatility amid the U.S. Federal Reserve FOMC meeting. BTC price trades at $28,260, up 2% in the past 24 hours after hitting a 9-month high of $28,527 on Monday. Bitcoin is recording its biggest quarterly gain since 2021, with a 70% rally this quarter considering the Fed pivot this year and Bitcoin halving next year.
Investors anticipate Bitcoin hitting $30,000 after the Fed monetary policy decision due to the ongoing banking crisis. Analysts report Bitcoin slowly replacing Gold as most consider investing in Bitcoin as a hedge against woes in the U.S. and European banking sectors. The Federal Reserve’s balance sheet rising above $300 billion amid the banking crisis is pushing up Bitcoin and gold prices, explained Chris Weston, head of research at Pepperstone Group.
Ark Invest CEO Cathie Wood reaffirmed her bullish stance on Bitcoin and claimed that crisis will attract more institutions towards Bitcoin. The closure of three banks by US regulators and the emergency takeover of Credit Suisse by rival UBS have destabilized the global banking industry.
Also Read: Wall Street Estimates On Fed Rate Hike Decision, Bitcoin Bullish Fundamentals Wanes
Bitcoin Price to Hit $35,000
Tony Sycamore, market analyst at IG Australia, said Bitcoin chart shows a reverse head-and-shoulders pattern, a bullish pattern suggesting a further increase in price. Bitcoin technical analysis indicates a price rally toward $35,000. “With interest-rate markets gone from pricing in rate hikes to pricing in rate cuts, there is now a gentle tailwind supporting Bitcoin,” Sycamore added.
Bendik Schei, head of research at K33, revealed that weekly Ichimoku cloud indicators show BTC price breaking into the cloud signals the potential for further gains.
Crypto analyst Michael van de Poppe predicts Bitcoin price at $28,700 amid positive sentiment in the market. However, he expects Bitcoin price to rise after FOMC and consolidate after the key event. The CME gap is also at $28,700.
Also Read: Crypto Industry Counterattacks White House’s Anti-Crypto Economic Report
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Leave a Reply