Bitcoin Poised for $70K Rally: Can Fed Rate Cut Be the Catalyst?
- Bitcoin surged 4.5% to over $60,500 ahead of the FOMC meeting.
- A break above $61,900 on the weekly chart is crucial for the next bull run.
- Market divided on Fed’s rate cut: 25 bps or 50 bps expected.
Popular crypto strategist Rekt Capital notes that Bitcoin has formed a series of lower highs since July, making $61,900 a critical level to watch. Historically, Bitcoin tends to break out 150-160 days post-halving, aligning with a potential move by late September 2024. Despite September’s historically poor performance, October’s average gains of 22.9% suggest a bullish outlook.
As the market anticipates the FOMC’s rate cut decision, more liquidity could act as a catalyst for Bitcoin’s rally. However, economists like Peter Schiff warn that rate cuts might reignite inflation, impacting the dollar.
