- Impact of FED Interest Rate on the Cryptocurrency Market
- Analysts' Predictions for Bitcoin
- Historical Data and Current Market Position
The recent decision by the Federal Reserve to cut interest rates has unexpectedly revitalized the cryptocurrency market. Market participants are now focused on the potential continued rise of Bitcoin and other cryptocurrencies.
Impact of FED Interest Rate on the Cryptocurrency Market
The FED's interest rate cut has increased investor interest in alternative assets, including cryptocurrencies. As a result, Bitcoin and altcoins have started to show growth.
Analysts' Predictions for Bitcoin
An analyst known as Rekt Capital noted that Bitcoin has broken out of the reaccumulation range that historically ranged from 154 to 161 days after halvings. According to the analyst, it has been 157 days since the last halving, and an upward breakout for Bitcoin is expected soon. "Historically, Bitcoin has broken out of the Reaccumulation Range 154-161 days after the Halving. It has been 157 days since the last halving. History shows that it is time to 'Exit' for Bitcoin."
Historical Data and Current Market Position
In 2016, Bitcoin broke out of the reaccumulation range 154 days after the halving, and in 2020, it did so 161 days after the halving. Based on the analyst's data, Bitcoin appears to be in the process of breaking out of the reaccumulation range again, indicating a potential upcoming rise. The current price of Bitcoin needs to surpass its previous high of $73,700 to set a new record.
As investors eagerly anticipate the potential rise, they are closely monitoring Bitcoin and other cryptocurrencies. Historical data suggests that a rise in Bitcoin may be imminent.
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