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Bitcoin Price Set For $35,000 After US Fed Rate Hike Decision: Bloomberg

Bitcoin price to continue its bullish streak towards $35,000 after the FOMC rate hike decision, reports Bloomberg.
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Bitcoin Price Set For $35,000 After US Fed Rate Hike Decision: Bloomberg

Strong sentiment in the crypto market is driving Bitcoin price to hold above the $28,000 level despite volatility amid the U.S. Federal Reserve FOMC meeting. BTC price trades at $28,260, up 2% in the past 24 hours after hitting a 9-month high of $28,527 on Monday. Bitcoin is recording its biggest quarterly gain since 2021, with a 70% rally this quarter considering the Fed pivot this year and Bitcoin halving next year.

Investors anticipate Bitcoin hitting $30,000 after the Fed monetary policy decision due to the ongoing banking crisis. Analysts report Bitcoin slowly replacing Gold as most consider investing in Bitcoin as a hedge against woes in the U.S. and European banking sectors. The Federal Reserve’s balance sheet rising above $300 billion amid the banking crisis is pushing up Bitcoin and gold prices, explained Chris Weston, head of research at Pepperstone Group.

Ark Invest CEO Cathie Wood reaffirmed her bullish stance on Bitcoin and claimed that crisis will attract more institutions towards Bitcoin. The closure of three banks by US regulators and the emergency takeover of Credit Suisse by rival UBS have destabilized the global banking industry.

Also Read: Wall Street Estimates On Fed Rate Hike Decision, Bitcoin Bullish Fundamentals Wanes

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Bitcoin Price to Hit $35,000

Tony Sycamore, market analyst at IG Australia, said Bitcoin chart shows a reverse head-and-shoulders pattern, a bullish pattern suggesting a further increase in price. Bitcoin technical analysis indicates a price rally toward $35,000. “With interest-rate markets gone from pricing in rate hikes to pricing in rate cuts, there is now a gentle tailwind supporting Bitcoin,” Sycamore added.

Bendik Schei, head of research at K33, revealed that weekly Ichimoku cloud indicators show BTC price breaking into the cloud signals the potential for further gains.

Crypto analyst Michael van de Poppe predicts Bitcoin price at $28,700 amid positive sentiment in the market. However, he expects Bitcoin price to rise after FOMC and consolidate after the key event. The CME gap is also at $28,700.

Also Read: Crypto Industry Counterattacks White House’s Anti-Crypto Economic Report

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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