As a seasoned crypto investor with a decade of experience under my belt, I’ve witnessed countless market fluctuations, and let me tell you, this current surge in Bitcoin is nothing short of exhilarating. The recent breakthrough above $76,000 has left me both excited and cautiously optimistic.
Amidst the anticipation surrounding today’s pivotal Federal Reserve interest rate announcement, the focus is squarely on Bitcoin, which has spiked past the $76,000 mark in recent times.
The founders of Glassnode, known as “Negentropic” on platform X (previously Twitter), are keeping a close eye on Bitcoin’s development, hinting that a significant price shift might occur in the near future.
Could Bitcoin Break Away from Traditional Markets and Reach New Heights? 📈
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) November 7, 2024
Bitcoin soared past $76,000 this week, touching an unprecedented peak of $76,509 on Wednesday, marking a new record high. This upward trend aligns with fresh peaks in traditional markets, notably the Nasdaq and S&P 500.
On a notable note, there seems to be a lessening link between Bitcoin and these market indices. This detachment stirs curiosity: Might Bitcoin ascend further on its own, irrespective of conventional financial markets?
As a crypto investor, I find myself on the edge of my seat as we approach the upcoming interest rate decision and the subsequent speech by Fed Chair Jerome Powell. This moment could very well be Bitcoin’s first significant test for its ongoing bullish trend. However, the question lingers: Will Bitcoin continue to ascend independently of traditional financial markets? Time will tell, but I remain optimistic.
The answers to these questions remain unknown, but the market closely watches for hints to predict Bitcoin’s next big move. At the time of writing, BTC was up 1.72% in the last 24 hours to $74,900 and up 6% weekly.
Market braces for Fed rate cut; Powell speech
On Sept. 18, the Fed began the policy easing cycle with a half-percentage-point rate drop.
As an analyst, I anticipate that the Federal Reserve may lower interest rates once more, given the widespread expectation among financial markets, which currently view a quarter-point reduction as highly probable.
Given the current situation, investors are eagerly anticipating the Federal Reserve’s interest rate decision at its meeting today, Thursday. This decision will be preceded by remarks from Federal Chairman Jerome Powell, which could offer insights into the Fed’s outlook on the economy and future interest rates over the next few months.
According to the CME Group’s FedWatch tool, traders had estimated a high probability of approximately 99% for a reduction of 0.25 percentage points in interest rates in the next quarter. This prediction arises after the Federal Reserve made a 0.50 percentage point cut in September.
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2024-11-07 19:49