Expert Predicts Local Bottom Range For BTC Price Before Strong Recovery
The US financial markets turned negative a day after the Federal Reserve took hawkish stance in the September 2023 Federal Open Market Committee (FOMC). The Dow Jones Industrial Average (DJIA) fell 0.4%, the S&P 500 Index dropped around 0.9%, and the Nasdaq Composite Index suffered a 1% plunge whereas the Bitcoin price took a 2% correction.
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What Is The Local Bottom For BTC?
In the ongoing corrective action, top crypto analysts predict that the cryptocurrency could likely recover into the bullish phase at any point. “We could technically reverse at any time,” said popular analyst CrediBULL Crypto, adding that the trader sentiment towards liquidations could decide the extent of downward risk. The analyst predicted that BTC price currently faces an ideal downside risk around $25,500 and further downside possible technically just under $25,000.
“If RED (below $25,000) is our bottom, then this flush may be the final move of this week’s long corrective structure that will ideally reset Bitcoin open interest and clear the way for the next leg up.”
In the post FOMC press conference speech, US Federal Reserve Chair Jerome Powell said the central bank officials have voted in favor of continuing the current stance of restrictive monetary policy. The markets have reacted negatively to Powell remarks that policymakers see it more likely than not that another rate hike will be appropriate from the current target rate of 525-550 bps.
What’s Ahead For BTC?
It may be noted that the top cryptocurrency has been trading sideways around the $26,000 level since the last five weeks. While the Grayscale lawsuit victory in the last week of August 2023 failed to give wings to the BTC price, the euphoria around spot Bitcoin ETFs has also dried up in recent times.
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