Analyst: Bitcoin May Re-Test $120,000
On September 20, Decrypt reported that Bitbank analyst Yuya Hasegawa stated that Bitcoin traders may need about a week to fully digest the impact of the Federal Reserve's first interest rate cut in nine months. After the FOMC meeting, market risk appetite continued to rise, and the improvement in technical sentiment is seen as a significant positive factor for Bitcoin, making a push towards the $120,000 mark possible. If Bitcoin can successfully break through $120,000, a complete pullback may become apparent. The market may need about a week to digest this breakthrough, after which it will return to normal and refocus on inflation and interest rate changes.
Next Tuesday, Federal Reserve Chairman Jerome Powell and Vice Chair and Supervisory Head Michelle W. Bowman plan to give speeches. Although the revised dot plot released by the FOMC this week indicates that there may be two more rate cuts in 2025, Powell did not provide any clear commitments.
Traders will closely watch for nuances in Powell's or other FOMC members' speeches. For the October interest rate meeting, among users of Myriad, a prediction market under Dastan, Decrypt's parent company, 72% expect another 25 basis point rate cut, while about 11% believe the Fed will keep rates unchanged, and this meeting will be the second to last of the year.
