The Fed's decision to likely keep interest rates on hold at today's meeting has attracted a lot of attention, especially their forecasts for the coming year.
The expected “dot plot” is likely to show the Fed leaning toward cutting interest rates to stimulate economic growth as inflation approaches the central bank’s 2% target.
Despite strong November jobs data, the Fed still views the current rate range of 5.25% to 5.50% as restrictive.
Financial markets are pricing in a possible rate cut next spring, but a lack of clear guidance from the Fed could create a risk of disappointment.
Hopes for a potential rate cut have injected optimism into the market, but if the Fed’s stance is less conservative than expected, it could have a positive impact on Bitcoin prices.
Investors often turn to alternative assets such as Bitcoin during times of economic uncertainty, suggesting the cryptocurrency could rise in response to the Fed’s decision.
Financial giants work with SEC, Bitcoin ETF prospects rise
Recently, discussions between major financial institutions such as BlackRock, Franklin Templeton, Fidelity, and Grayscale and the U.S. Securities and Exchange Commission (SEC) have stirred excitement in the cryptocurrency world, especially regarding Bitcoin ETF (Exchange Traded Fund) approval.
BlackRock, the world’s largest asset manager, held its third meeting with the SEC in recent weeks, underscoring the urgency and seriousness of these discussions. Fidelity is also actively working with the SEC to submit an operational plan for its proposed spot Bitcoin ETF.
These conversations involve important SEC divisions such as Trading and Markets and Corporate Finance and are critical to any rule changes and new ETF registrations. The increase in activity and participation indicates that anticipation is growing for the SEC to approve a Bitcoin ETF.
The crypto community is eagerly awaiting the update as these developments from the financial giant could pave the way for a Bitcoin ETF, which could have a positive impact on the price of Bitcoin.
Positive regulatory moves, particularly in the form of an approved ETF, could signal a new era in Bitcoin’s accessibility and legitimacy in mainstream financial markets.
Bitcoin Price Prediction
Technical indicators show the Relative Strength Index (RSI) at a modest 40 level, indicating neither overbought nor oversold conditions, pointing to a possible consolidation phase.
The 50-day exponential moving average (EMA) is at $42,119, just below the current price, which could indicate temporary bullishness.
The chart pattern suggests that immediate resistance is being tested, with a doji candle forming near the pivot point, suggesting indecision but a possible readiness for higher prices.
Despite the excitement surrounding predictions of a Bitcoin price of $100,000 by the end of 2024, some cryptocurrency experts advise caution and offer alternative scenarios. It is important to note that the cryptocurrency market is inherently volatile and unforeseen events could quickly change its trajectory.
One view is that Bitcoin could experience a setback of up to 30% before the expected halving event. Such adjustments are not uncommon in the cryptocurrency space and are generally seen as beneficial to the long-term stability of the market. Investors are advised to be realistic about Bitcoin's potential volatility and the possibility of short-term fluctuations.
Bitcoin price predictions for 2024 are characterized by a combination of anticipation, optimism, and cautious realism. The potential impact of the halving event and the prospect of a US Bitcoin ETF have become key focal points for analysts predicting Bitcoin's trajectory. While some anticipate a massive surge to $100,000, others emphasize the need for investors to remain vigilant in the face of market uncertainty.
As the cryptocurrency landscape continues to evolve, investors should stay informed, consider multiple viewpoints, and make decisions based on a thorough understanding of market dynamics. Whether Bitcoin reaches its expected highs or faces a temporary setback, the journey to 2024 promises to be a compelling chapter in the digital currency’s evolving narrative.
What others think is not important, what you think is the most important. For example, if you think that the price will rise to 45,000-48,000-50,000-52,000 in the later period, then you can boldly go long and you will make a lot of money. The author is bearish now, and there will be a big drop in the later period, so the author has been holding short positions, and added positions today. The current position is 7%. Fortunes are sought in danger, and how can there be production without courage? It will be very difficult to make money in this market without a certain level of cognition and stress resistance.
Looking back at the price trajectory of Bitcoin over the past decade, it has a certain predictive effect on future price trends. In November 2015, the price of Bitcoin stood above the 30-month line, and Bitcoin never fell below the 30-month line again. It continued to rise along the 5-month line until the peak of 20,000 points in 2017. At that time, Bitcoin rose from 400 points to 20,000 points, which was a 50-fold increase.
In April 2019, Bitcoin also experienced the same phenomenon of crossing the 30-month moving average three times. After that, the price rose from 4,000 points to 69,000 points along the 30-month line in two years, an increase of 11 times.
After a lapse of 4 years, Bitcoin has once again seen a monthly chart of one yang crossing three. Bitcoin is now in the early stages of a bull market, and it is the real early stages.
