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bitcoin price has risen 5% in the last 24 hours to trade at $42,776 as of 12:40 am EST.
The king of cryptocurrencies is showing strength again with tailwinds emerging from the Federal Open Market Committee (FOMC) meeting. Federal Reserve Chair Jerome Powell decisively adopted a more dovish outlook for next year, signaling that a historic monetary tightening is ending and saying rate increases were “no longer the base case.”
bitcoin Price Reacts to FOMC Minutes as Era of Monetary Tightening Ends
During the last press conference in early November, Federal Reserve Chairman Powell said that FOMC members were not even thinking about cutting interest rates. But yesterday he indicated that FOMC members have been thinking about cuts for some time.
Keeping interest rates unchanged at 5.25 – 5.50% for the third time in a row, the November minutes were a sideshow. The focus is on dot plots, which went from 2 cuts to 3 cuts next year.
According to the chart above, one FOMC member forecasts six rate cuts in 2024, while four forecast four cuts. Meanwhile, six see 3 cuts, five see 2 cuts; one sees 1 cut and two sees 0 cuts. For some, this may be the most confusing “year ahead” the FOMC has seen in years.
When interest rates fall, investors tend to look for where they can get better rates. The risk asset that will benefit the most is cryptocurrencies. This is basically a massive injection of liquidity.
Last night, the FED announced that there will be no change in interest rates and kept them stable.
Now, how did that affect you? bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin?
Well, first of all, people were already expecting no change in interest rates at this FOMC meeting, so the impact of this news was… pic.twitter.com/BIphninyPF
– Karan Singh Arora (@thisisksa) December 14, 2023
With this, some analysts and traders have revised their targets, with Michael Van de Poppe saying he is looking for between $47,000 and $50,000 for his pre-run on the spot ETF.
FOMC is over, dovish stance and most likely rate cuts + high interest rates are in.
For bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin, risk aversion before the FOMC took place. Bounce up and I think the trend will continue to go up. My overall goal for this ETF spot pre-run is $47,000 to $50,000. pic.twitter.com/SU4Xs3djlw
—Michaël van de Poppe (@CryptoMichNL) December 13, 2023
bitcoin Price Outlook as Volatility Soars in btc Market
bitcoin price is trading with a bullish bias despite the recent pullback, encouraging a recovery rally. The Relative Strength Index (RSI) is moving north, indicating increasing momentum, which is a bullish signal. Similarly, the Awesome Oscillator (AO) remains in positive territory, supporting the case for the bulls.
Further buying pressure could cause bitcoin price to extend above the range high of $44,700. In a highly bullish case, gains could be extrapolated to take btc above the psychological level of $48,000. Such a measure would constitute a 10% increase above current levels.
On the other hand, if profit-taking occurs, the price of bitcoin could fall, possibly changing the psychological level of $40,000 from a support floor to a resistance. In the most severe case, the drop could see btc decline until reaching the $30,000 level, at which point the current bullish outlook would be threatened.
Meanwhile, amid the growing frenzy in the bitcoin market, now is the ideal time to buy BTCETF as the countdown approaches for the expected approval of btc spot exchange-traded funds (ETFs). The project is very advanced in its pre-sale and experts anticipate 10 times greater growth potential at the time of launch.
Promising alternative to bitcoin
BTCETF is the token powering the bitcoin ETF token ecosystem, the only project that rewards token holders as ETFs are approved.
Prepare for the imminent transformation in the crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto and #Stock Exchange kingdoms like bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETFs aim to improve the accessibility of digital assets for all traders.
With the support of key figures such as @BlackRockthe prospects for #BitcoinETF It looks very shiny! #web3 pic.twitter.com/7fwsK8leIU
– BTCETF_Token (@BTCETF_Token) December 13, 2023
Each BTCETF token is selling for just $0.0068 as pre-sale sales now feature $3.931 million in USDT collections.
Visit the bitcoin ETF Token website to purchase BTCETF in the pre-sale here.
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
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