Bitcoin's impressive 10% growth over the week, reaching $60,000 on September 15, has set the stage for a pivotal week ahead Âč. The upcoming US Federal Reserve meeting and Jerome Powell's press conference on September 18 will be the key event to watch. Analysts predict that the market has already factored in a 25 basis point rate cut, shifting focus to the Fed chairman's rhetoric on future monetary policy plans.
Short-Term Projections
With expectations of a rate cut, Bitcoin may break through the $62,000 resistance level and test $64,000. However, sustaining this growth is uncertain due to investor concerns over ongoing inflation and the lack of a positive agenda for the crypto industry Âč.
Technical Analysis
Currently, Bitcoin's price is hovering between $56,532 and $58,294, with these levels serving as crucial support and resistance points Âč. The relative strength index (RSI) indicates neutral market conditions, neither overbought nor oversold.
Long-Term Forecast
Looking ahead, Bitcoin's price prediction for 2024 ranges from $16,587 to $79,207 Âč. By 2025, analysts forecast a potential bull market, with prices reaching $221,485. The prediction for 2030 is even more optimistic, with Bitcoin potentially hitting $369,701 Âč.
Key Factors Influencing Bitcoin's Price
- Federal Reserve Meeting: Jerome Powell's press conference on September 18
- Monetary Policy: Future plans for interest rates and inflation control
- Inflation Concerns: Investor fears of ongoing inflation
- Crypto Industry Agenda: Lack of positive developments for the industry
Stay tuned for updates on Bitcoin's price movement and market analysis. Will Bitcoin sustain its growth or experience a correction? Only time will tell.
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