Despite the volatility in the US after the FOMC meeting, the cryptocurrency market managed to remain strong. bitcoin It even touched a nine-month high while trading above $28,000. In addition to the problem in the financial market, details such as the fact that the halving event will take place next year are among the important reasons behind this performance.
After the ongoing banking crisis in the USA, he is waiting for the Fed’s monetary policy decision. Analysts, on the other hand, expect $ 30,000 to be exceeded after all these developments. The biggest reason for this expectation can be interpreted as the expectation of investors to prefer Bitcoin as a safe haven after the crises in the USA and Europe. Some analysts interpret this situation as “BTC is replacing gold” with a bit of an exaggeration.
Pepperstone Group research director Chris Weston commented that the Fed’s balance sheet topping over $300 billion amid the banking crisis is pushing Bitcoin and gold prices up.
CEO of Ark Invest Katie Wood He confirmed his bullish prediction in BTC and claimed that the crisis will attract more institutions to the digital asset. The closure of three banks by US regulators and the urgent takeover of Credit Suisse by rival UBS destabilized the global banking industry.
Bitcoin Price Will Reach $35,000
Tony Sycamore, market analyst at IG Australia, said that the Bitcoin chart shows an inverted head and shoulders pattern, which is a bullish pattern signaling that the price will rise further. BTC technical analysis points to a price increase towards $35,000. “As interest rate markets move from pricing rate hikes to pricing rate cuts, there is now a slight tailwind supporting Bitcoin,” Sycamore added.
Bendik Schei, head of research at K33, is of the opinion that the weekly Ichimoku cloud indicators show that BTC price entering the cloud points to the potential for more gains.
Crypto analyst Michael van de Poppe, with the positive atmosphere in the market, put the Bitcoin price at $ 28,700. predicts. However, he expects Bitcoin price to rise after the FOMC and consolidate after the key event. The CME gap is also at $28,700.
You can follow the current price action here.