Starting the new week with a decline Bitcoin Although it rose above $43,000 after the FED decision, it was not successful in holding on to these levels.
BTCAs it fell below $42,000 again in the evening, investors are wondering at what level BTC will close at the end of 2023 and whether the rise experienced last week will continue.
at this point Deribit A new BTC prediction came from analysts.
Analysts stated that Bitcoin will probably remain at its current levels until the end of 2023 and explained the reasons for this.
First of all, Deribit analysts stated that there was no big rise in Bitcoin despite the dovish statements of the FED, and the second reason was TetherHe said it was to reduce token minting.
“Despite our expectation that Fed Chairman Powell would adopt a dovish tone at this week’s FOMC meeting, Bitcoin failed to recover.
This suggests that Bitcoin is tired and, as we noted earlier this week, the chances of another rally before January are slim.
Apart from the FED, Tether’s reduction of token printing also affects the upward momentum of BTC. Because the constant printing of Tether was a clear indication that corporate players were moving money from fiat money to crypto. The result was a Bitcoin rally that surprised almost everyone in the last two months.
However, Tether’s token issuance dropped from $1.6 billion weekly to $0.4 billion. This caused the inflows and the rise of Bitcoin to stop.”
As the last reason why analysts do not expect a rally in BTC until January spot Bitcoin ETF He cited the possibility of its approval being delayed until March. Analysts “While we welcome another postponement of spot Bitcoin ETFs until March, there is always the possibility of ETFs being approved.” said.
Bitcoin continues to trade at $42,030 at the time of writing.
#BTC likely range-bound until year-end; no rally despite expected dovish Fed tone.
Halt in Tether minting affects bullish momentum.
Anticipating Bitcoin Spot ETF delay until March; CME Bitcoin futures premiums adjusting.
Read article from @10x_Research ⬇https://t.co/11lfxv0kfg
— Deribit Insights (@DeribitInsights) December 15, 2023
*This is not investment advice.
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