Two key factors point to a “new Bitcoin (BTC) bull market” after the $70,000 level.
Bitcoin analysts have pointed out that sentiment and factors are pointing towards a new bull market in Bitcoin trading price in the coming days.
The current trading price of Bitcoin (BTC) is $70,074 and the trading price has been stable between $69,000 and $70,000 over the past three days.
Titan of Crypto, a popular cryptocurrency analyst, predicted on behalf of the analyst that Bitcoin will come out of the last hurdle with extremely optimistic sentiments.
Some other Bitcoin analysts have said that the Bitcoin uptrend is starting again and that we will soon see a new peak for Bitcoin.
However, while Bitcoin’s previous halving pattern includes a lot of ups and downs for Bitcoin’s trading price as we have seen in past halving cycles, experts say this situation is likely to overwhelm everything else as Bitcoin is currently under very high buying pressure. I believe it is different from the cycle. Bitcoin spot ETF product availability on US stock exchanges.
Fed Res, interest rates and risky assets
Data from CME Group’s FedWatch tool shows there is a 61% chance there will be a rate cut of 0.25% at the Federal Open Market Committee meeting that month. This means that there is a 61% chance that the trading price of risky assets such as stocks and cryptocurrencies will rise.
Jerome Powell, chairman of the U.S. Federal Reserve, also indirectly implied that he was not worried about inflation or the economic situation in an interview at the San Francisco Macroeconomic and Monetary Policy Meeting.
All of this points to a big rally for Bitcoin, but it will be interesting to see how Bitcoin trading prices will react ahead of the Fed Res’ economic policy meeting due to the impact of the Bitcoin halving pattern.
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