After the Fed hinted at rate cuts, Bitcoin analysts bet on $200K

The key takeaways

• Bitcoin’s price jumped 5%, to $117.300, after Federal Reserve Chairman Jerome Powell hinted that interest rates would be cut in the near future, and liquidated $379.88 millions of shorts.

• BTC analysts say that the BTC “uptrend is back,” The potential is for the amount to reach $200,000 before the close of the calendar year.

BitcoinBTC() requested liquidity in excess of $117,000 after Federal Reserve Chairman Jerome Powell suggested a possible September rate cut at his Jackson Hole speech.

BTC’s price increased by more than 4 percent to an intraday peak of $117.300 at Bitstamp, from its six-week low $111,600.

CoinGlass dataEther was used to liquidate $379.88 millions in short positions.ETHThe total amount of $193 Million is accounted for by ). it soared nearly 15% to $4,760. Bitcoin came in second with $56.4 Million of short liquidations.

Related: Bitcoin ETFs hit 5-day losing streak, but Pomp says BTC is oversold

The figure below shows that a total amount of $629.48 was lost on both short and long trades.

You can also find out more about the following: sudden market recovery Over the course of the year, 150,217 traders were liquidated, which caught many people off-guard as sentiment among investors shifted to a bullish one.

Bitcoin’s liquidation heatmap shows that the price is eroding liquidity over $117,000 with 259.5 millions of ask orders between $117,000 to $118,000. 

Bitcoin Analysts Say “uptrend is back”

BTC’s swept lows below $112,000According to MN Capital founder Michael van de Poppe, this gives traders a great entry point.

Earlier this week, van de Poppe warned his X-followers to look for a break below the low point of Aug. 3, which was $111,900. great area to accumulate.

“A small sweep took place and an immediate massive move upward on #Bitcoin,” He said Freitag, in a X message adding:

“Uptrend is back.”

Jelle is a colleague analyst said Bitcoin is expected to retrace its price after the recent surge. But one thing remains certain: “The market wants higher.”

It follows several recent predictions by crypto industry members for higher crypto market prices. Analyst BitQuant stated on Monday that he believes his current cycle is nearing its end. target of $145,000 for Bitcoin This was the case until 2025.  

Meanwhile, Bitwise’s head of European research André Dragosch said in Cointelegraph’s Chain Reaction daily X spaces show on Monday that US President Donald Trump’s move to allow crypto in 401(k) retirement plans could push Bitcoin to $200,000 By the end of this year.

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.