The Fed rate cuts Since the macro decision, whales bought as much as 1.6 billion BTC. There is a possibility of the flagship crypto rising to new heights with such a positive outlook. soon reach $70,000.
Fed Rate Cuts Lead to Bitcoin Whales Purchasing Spree
Fed rate reductions have led to a shopping spree by investors. Bitcoin whales. Following the September 18 macro-decision, these investors purchased over 1.6 billion dollars worth of Bitcoin. Market intelligence data IntoTheBlock These whales bought 25510 BTC between September 19 and October 19.
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You can also find out more about this by clicking here. accumulation trend It is not surprising that the interest rate cut of 50 basis points has given a positive outlook to risk assets including Bitcoin. It is anticipated that the price of Bitcoin will surge as more investors are able to access money after Federal Reserve’s Quantitative Easing (QE).
Bitcoin is expected to make massive gains in the near future. A rise of $70,000 seems possible. The flagship cryptocurrency already flipped the $60,000 price level As support after the Fed rate cut and is comfortably holding above that level. The BTC eco-system is experiencing an increase in liquidity, which is expected. This is evident by the whales’ $1.6 billion purchases.
The crypto should reach the $70,00 price point in no time. This is a significant milestone for Bitcoin as it may pave the path to BTC reaching a new all-time high (ATH). This price level of $70,000 has acted a significant resistance, since crypto fell below it after reaching the current ATH level of $73,000 early in March.
Bitcoin is now in a more bullish mood thanks to Fed rate reductions.
History could repeat itself
Bitcoin’s historic trend, in addition to Fed rate reductions, provides a bullish view for the crypto. It suggests that the rise of Bitcoin to $70.000 should be imminent. Crypto analyst Ali Martinez Recent reports have noted that Bitcoin prices increased 61% between 2016 and 2020. Both of these years saw a 61% and 171% price increase. halving years.
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Further, the analyst revealed that Bitcoin’s price movement this year is similar to those of 2016 and 2021. The analyst believes that history may repeat itself in the future, with Bitcoin experiencing gains similar to what it enjoyed previously.
Moreover, Q4 of each year Bitcoin’s highest return is always the last quarter of the year. BTC’s price should rise significantly in the final quarter of 2018. The rally following the halving is around the next corner and could also prompt this price surge to $70,000.
Bitcoin’s price is currently around $63,900. This represents an increase of more than 1% over the past 24-hour period, according to data CoinMarketCap.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com
