Bitcoin price is sweeping the lows, but one analyst is still predicting a dip to $25,000. Currently, $30,000 and $25,000 form upside and downside BTC price targets. Bitcoin is caught between the resurgent US banking crisis and the upcoming Fed meeting.
“Big volatility on the horizon for Bitcoin price”
Data from TradingView shows BTC retracing the $28,000 level on Bitstamp. The previous day’s Wall Street opening brought the latest wave of bearish volatility as BTC plunged below $27,700. After that, just after the weekly and monthly close, $30,000 and above became increasingly out of reach.
BTC price targets of market participants also reflected this mood. Michaël van de Poppe, founder and CEO of trading firm Eight Global, suggests a rematch with both $25,000 and $30,000 is still on the table. “Nothing is certain,” the analyst told his Twitter followers about the recent lows. However, in Bitcoin, the sweep is complete,” he says. It also makes the following statement:
We exceeded 28.4 thousand dollars. Also, it’s possible that we could get back to $30,000 in a few days. It won’t break and fold in the coming days, the next target is $25,000. So, there’s a big volatility on the horizon.
Another post, which references the Federal Reserve’s decision on interest rate policy on May 3, describes Bitcoin price as “in a horizontal zone where bears and bulls have arguments for both trends.” “There will probably be a lot of unwarranted fear going into tomorrow’s Fed meeting,” Van de Poppe said. However, we’ll see. We expect it to be a little deeper,” he adds.
Squeeze in bank stocks doesn’t inspire crypto
Meanwhile, in terms of Fed activity itself, with market sentiment beyond crypto pricing at a nearly guaranteed 0.25% rate hike, little is left to the imagination. cryptocoin.comAs you follow, the probability on May 2 was 97.4% according to CME Group’s FedWatch Tool. This will be a copy of the Fed’s decision from March, which caused problems in the US banking sector.
Many local credit institutions tumbled in an environment reminiscent of six weeks ago. However, unlike then, Bitcoin did not seem in a mood to capitalize on this fallout.
At press time, the leading crypto is changing hands at $28,721, up over 3% on a daily basis. Bitcoin is also in the green on the weekly view, gaining around 4%.
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