Just before the interest rate decision was announced, the BTC price dropped below 112 thousand dollars and hit its daily bottom at $111,350. It was expected to form a higher bottom and return from 112 thousand dollars to 116 thousand dollars. However, the usual Fed volatility again produced the expected result. So what are the analysts’ predictions?
Bitcoin (BTC)
Sherpa wrote that we will see moderate volatility due to the FOMC before today’s decline accelerates. Although he said he would maintain his long-term position, he underlined that reducing risks was a good option. Especially of BTC Drawing attention to the importance of the 111 thousand dollar level, he said;
“I expect a reasonable level of volatility as normal before the FOMC meeting. In general, I will maintain my long-term position, but I will follow a risk reduction strategy in the perps. I think if BTC reaches the 111 thousand level, you will buy at this level, which will close the CME gap. I still think this is a dip buying opportunity.”
The issue of CME difference was discussed throughout the week. A drop to around $110,000 would eliminate this, and BTC is at $111,170 at press time.
Ethereum (ETH)
Altcoin king has been positive for the last 2 days ETF sees the flow but weak entries. This week’s agreement with China may support positive sentiment, but the lack of great appetite on the corporate side is thought-provoking. There does not seem to be a feeling in both the stock markets and the ETF channel that Ether will break a record with the China agreement that will follow the interest rate cut.
On the other hand, US stock markets are breaking records, unlike cryptocurrencies. NVDA Today it became the first company to exceed $5 trillion. Moreover, while the stock market is breaking new records, the positive sentiment is expected to strengthen with the earnings reports of trillion-dollar giants this week. let’s see ETH What will we see for?
Poppe was still hopeful and wrote;
“Daily update on ETH. Still the same squeeze and the same momentum building. It all depends on the business cycle and the FOMC’s decisions. If this is a progressive development for risk assets, I think ETH is ready for a new bullish phase and a move above $5,000.”
