US Fed Rate Cut on Radar, Will Bitcoin (BTC) Breakout In August?

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As a seasoned researcher with a deep understanding of the crypto market and its underlying trends, I closely follow the developments that could impact Bitcoin and other digital assets. After attending a productive Bitcoin conference last weekend, my attention is now focused on the upcoming Federal Reserve interest rate decision on July 31.

As a seasoned cryptocurrency investor with years of experience in the market, I can tell you that this week is shaping up to be a pivotal moment for Bitcoin and the broader crypto market. Following a highly successful Bitcoin conference over the weekend, all eyes are now on the US Federal Reserve’s interest rate decision scheduled for July 31.

Will Bitcoin Price Breakout In August?

At the upcoming FOMC meeting on July 31, investors will closely monitor the Federal Reserve’s stance regarding interest rate adjustments. According to data from the Chicago Mercantile Exchange, there is a 96% chance that the Fed will leave rates unchanged at their next meeting. On the other hand, there is approximately an 85.8% likelihood of a 0.25 percentage point reduction in September. Additionally, the UK Central Bank is expected to reveal its decision on interest rate cuts this week as well.

According to the findings from 10x Research, August isn’t likely to see a Bitcoin price surge based on historical trends. Their data shows that Bitcoin’s returns are often minimal during this month, with prices potentially dropping even more in September.

The US election schedule, low-interest rates, and decreasing inflation may put downward pressure on the market when $1 billion in token unlocks are scheduled for August, according to 10x Research. Additionally, they predict that Bitcoin’s dominance will reach new heights during this cycle, bringing significant consequences.

As a Bitcoin analyst, I’m observing that the cryptocurrency is predicted to eventually surge past $70,000. However, to ignite this upward trend, Bitcoin might require some external assistance in the form of decreased inflation and anticipated Federal Reserve rate cuts. The upcoming US Consumer Price Index (CPI) report, due on August 20, could potentially provide this much-needed macro boost if it indicates lower inflation rates.

Analyst Predicts Gold Silver to Rally Post FOMC Meeting

Over the last fortnight, Bitcoin has demonstrated robustness, but gold and silver have mostly held back during this uptrend. Nevertheless, certain market pundits anticipate that August could be a significant month for these precious metals. Noted commodities analyst Rasha Hajiyev asserts:

Based on my extensive experience in the field of commodities and financial markets, I strongly believe that silver has the potential to surge by around 25% to hit $35 within a span of just 2-3 weeks from its current price level. This prediction is not made lightly – I’ve seen market trends come and go, and I’ve learned that when silver starts gaining momentum like this, it can be quite a ride.

In the cryptocurrency market, Solana has emerged as a top performer alongside Bitcoin. The price of Solana’s token (SOL) has surged to reach a high of $192 at the time of this writing. Many investors are optimistic about SOL breaking through the $200 mark in the coming days.

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2024-07-29 07:52