Bitcoin Price Prediction: BTC Soars 10% on Fed Meeting, as Experts Say This Cloud Mining ICO Could Jump 10x With Bitcoin Halving

bitcoin price rose 10% to trade at $67,314 at 02:10 am EST, with trading volume falling 17%.

It follows positive comments from Federal Reserve Chair Jerome Powell indicating that Fed policymakers are anticipating three rate cuts this year. Previously, the Federal Open Market Committee (FOMC) meeting left rates unchanged between 5.24% and 5.50% for the fifth consecutive time.

The market applauds the positive outcome of the FOMC meeting! At the meeting, 19 U.S. policymakers see three quarter-point rate cuts this year, while others see two or fewer.

Therefore, it is very evident that rate cuts will begin in 2024. And this hint is enough for the market… pic.twitter.com/9km3zJ92ea

— sahil bhadviya (@sahilbhadviya) March 21, 2024

It was enough to boost cryptocurrency markets amid expectations of better liquidity in the future.

#FOMC The latest Fed dot plot indicates a thin median is expected for three rate cuts in 2024. pic.twitter.com/IcaHnm3Fxu

– Wall St Engine (@wallstengine) March 20, 2024

For the layman, there are three reasons why the possibility of a rate cut would be bullish for bitcoin and cryptocurrencies in general.

Why Interest Rate Cuts Are Bullish for bitcoin Price

First, traditional investments like bonds and savings accounts will have lower returns and be less attractive to investors, leading them to look for alternatives.

Second, falling rates may raise fresh concerns about inflation, prompting investors to look for hedges. With btc's fixed supply, as well as its decentralized nature, some investors see it as a hedge against inflation, making it more attractive in times of economic uncertainty.

Finally, the expectation of lower interest rates can influence investor sentiment, leading to speculative behavior within the market. This could increase demand for btc as investors look to capitalize on potential price increases.

bitcoin price faces headwinds from btc spot ETF

Despite the rise in bitcoin price, headwinds emerge as ETF inflows continue to shrink. Data according to Coinglass shows that inflows have started to decline significantly.

After a peak of $1.04 billion in inflows on March 13, net outflows reached $154 million on March 18 before reaching $326 million on March 19.

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BTCETF Flows

bitcoin Price Outlook

If inflows to the btc spot ETF investment product increase, the price of bitcoin could rise to a new all-time high above $73,777. The interest rate narrative has already helped revitalize the market, setting the tone for a continuation of the recovery rally.

From a technical point of view, the odds still favor the bulls as the position of the Relative Strength Index (RSI) supports the bullish thesis as it remains well above 50. Additionally, the DXY indicator is falling, which marks another signal for btc holders. In retrospect, every time this overlay comparison falls (bearish), the result is almost always bullish for bitcoin.

With this, the Federal Reserve has likely saved bitcoin price from further downward momentum.

<img decoding="async" class="aligncenter wp-image-492093 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="btc price” width=”1273″ height=”546″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-BTC-Soars-10-on-Fed-Meeting-as.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-21_09-08-20-300×129.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-21_09-08-20-1024×439.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-21_09-08-20-768×329.png 768w” data-lazy-sizes=”(max-width: 1273px) 100vw, 1273px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-BTC-Soars-10-on-Fed-Meeting-as.png”/><img decoding="async" class="aligncenter wp-image-492093 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-BTC-Soars-10-on-Fed-Meeting-as.png" alt="btc price” width=”1273″ height=”546″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-BTC-Soars-10-on-Fed-Meeting-as.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-21_09-08-20-300×129.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-21_09-08-20-1024×439.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-21_09-08-20-768×329.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>

TradingView: btc/USDT 3-day chart

On the other hand, since the bull market began in 2023, the price of bitcoin has recorded multiple pullbacks, with all of them averaging a 20% drop. If history were to repeat itself, or rhyme at best, bitcoin price could still fall to test the weekly Fair Value Gap (FVG) imbalance, which extends from $52,985 to $59,005. Late bulls and sidelined investors could have an opportunity to buy the correction around this order block.

Meanwhile, as the price of bitcoin soars, experts say BTCMTX is perfectly positioned to rally 10x with the bitcoin halving coming in April.

Promising alternative to bitcoin

bitcoin Minetrix is ​​a cloud mining project that makes bitcoin ownership achievable even for everyday people. It allows users to stake its native token, BTCMTX, and receive credits that can then be used to mine bitcoin.

Delving into the possibilities of #BitcoinMinetrix!

Perfect start for newcomers.

Cost effective with no upfront hardware costs.

Say goodbye to worries about location, noise and temperature!

Improvements without effort and with little discomfort. pic.twitter.com/uKo48Ug9h2

—Bitcoinminetrix (@bitcoinminetrix) March 20, 2024

It is currently in the pre-sale stage, allowing interested investors to purchase BTCMTX for just $0.0141 when stage 32 ends.

So far, pre-sale sales have reached $12.472 million, out of a planned target of $13.302 million.

@MarathonDH increases infrastructure such as bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoinCode update looms, aiming to remain competitive amid revenue cuts.

How do you think miners will navigate the changing landscape after the halving? #BitcoinMinetrix It has also reached a new milestone and surpassed $12,400,000! pic.twitter.com/vDDa2zgGXa

—Bitcoinminetrix (@bitcoinminetrix) March 18, 2024

Visit the website to learn more about the project and purchase the BTCMTX token here.

Also read:

Green bitcoin: gamified green bet

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• Contract audited by Coinsult
• Early Access Presale Live Now – greenbitcoin.xyz
• Predict to Win – Featured on Cointelegraph
• Staking Rewards and Token Bonuses
• Over $7 million raised – Ends soon

<img decoding="async" class="inContentProviderSingle–img float-right" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="Green bitcoin” width=”125″ height=”60″ data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/03/1711037427_279_Bitcoin-Price-Prediction-BTC-Soars-10-on-Fed-Meeting-as”https://technicalterrence.com/crypto/bitcoin/”>bitcoin.png”/>bitcoin.png” alt=”Green bitcoin” width=”125″ height=”60″/>