CandleFocus FED Tailwind Pushed Bitcoin Above $63,000: So When Is The New ATH Coming?
2024-09-19
Author: Content Editor
The price of Bitcoin surged past $63,000 following the announcement by the US Federal Reserve to cut interest rates, prompting speculation that the cryptocurrency could reach a new all-time high. Analysts suggest that Bitcoin's historical trend of significant fourth-quarter rallies could be repeated this year. The interest rate cut is intended to boost the economy and encourage investment in riskier assets like stocks and cryptocurrencies. The correlation between Bitcoin's price movements and liquidity conditions suggests that lower interest rates would support higher prices for the remainder of the year and potentially beyond. If Bitcoin surpasses its previous high of $73,000, it could have a positive effect on the wider crypto sector. However, uncertainty surrounding the upcoming US elections and the stances of the candidates, Donald Trump and Kamala Harris, may introduce volatility into Bitcoin's trajectory. Bernstein analysts predict that a Trump victory could drive Bitcoin to $90,000, while a loss could cause a drop to $30,000. Despite potential political obstacles, some experts remain optimistic about Bitcoin's prospects, citing positive monetary policies.
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