Bitcoin is back to the coveted $30,000 mark after an impressive 12% rally last week. What happens to Bitcoin? It seems like the excitement about the arrival of America’s first Bitcoin ETF is really gaining momentum, and the Federal Reserve Chairman’s comments on interest rates are helping too.
In short, the bullish sentiment towards Bitcoin is slowly but surely returning.
The US Federal Reserve’s interest rate campaign is finally over
Yesterday, Federal Reserve Chairman Jerome Powell took the stage to shed light on the global economy.
He said weaker economic growth or even a recession may be needed to bring inflation back to the 2.0 percent target.
Although Powell apparently made quite strong statements here, the market reacted largely positively. They are now convinced that the US Federal Reserve’s interest rate campaign is over.
The market now assumes that there is a 98.4 percent probability (see chart above) that the Federal Reserve will decide on another interest rate cut at the next interest rate meeting on November 1.
As of yesterday, there is now at least a 1.6 percent chance that we will receive the first rate cut from the US Federal Reserve on November 1. This would definitely be bullish for Bitcoin.
Fight for $30,000
A tough battle is now brewing between bulls and bears over Bitcoin’s $30,000 price. This seems to be an important frontier for the market at the moment.
For now, the bulls have not been able to definitively increase Bitcoin and we have been playing ping pong for a while. Yet there has been an increase of more than 5% in advice in the past 24 hours.
This suggests that the market is very much looking forward to the Spot Bitcoin ETF, which could be launched in early 2024. However, this still requires approval from the US Securities and Exchange Commission (SEC).
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Source: BTC Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
