Top Analyst Eyes Key Bitcoin (BTC) Price Target as the ‘Most Important News in 4 Years’ Could Go Live Today
The Federal Open Market Committee (FOMC) is expected to meet today, and this meeting has become critical to the price direction of cryptocurrency.
Ash Crypto discussed the upcoming FOMC release and how it could affect cryptocurrencies. The expert, with more than 1 million followers on X, tagged the upcoming release as the most important news in 4 years.
The top crypto analyst addressed the expectations.
What you'll learn 👉
Some Expectations from the Upcoming FOMC Release
Following the economic disruptions that occurred in March 2020, the Federal Reserve is expected to make some major changes by cutting interest rates for the first time since then. A 50 basis point (bps) cut is expected, which is seen as a bullish move for the market.
The analyst notes that if Chairman Jerome Powell mentions the risks of recession during the meeting, it could affect the market negatively and cause it to dump.
However, if he states that the economy is stable and talks about aggressive rate cuts, we will likely see a significant rally in the crypto market.
Some major banks are already projecting 1% to 1.25% rate cuts in 2024, which suggests that the Fed may be easing its monetary policy.
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Show more +More money is expected to flow into Bitcoin and other cryptocurrencies that are considered high-risk, which could boost their prices.
All these factors are expected to boost the prices of crypto, making the top crypto analyst very confident that Q4 is going to be very bullish as everything is aligning perfectly.
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Bitcoin Price Bottoms Out as Analyst Eyes Key Target
Adding to the top analyst’s bullish outlook is the analysis of crypto bull runs that have occurred in the past. On September 17, Ash Crypto posted a chart suggesting that Bitcoin’s price has been following similar patterns as it did in the second and third bull runs.
As this pattern continues, their analysis projects the price bouncing to around $100,000 to $150,000. The top analyst is confident that the price of BTC has bottomed out and a strong bullish move is coming.
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