Bitcoin surged 5% to $117,300 following comments from Fed Chair Jerome Powell about a potential interest rate cut. This rise triggered significant liquidation of short positions.
Crypto Market Reacts to Fed News
Following Jerome Powell's speech at the Jackson Hole symposium, Bitcoin (BTC) price rose over 4%, reaching an intraday high of $117,300, a significant jump from a six-week low of $111,600. According to CoinGlass data, $379.88 million in short positions were liquidated, with Ethereum (ETH) accounting for $193 million of that total.
Analysts Confirm 'Uptrend is Back'
Michael van de Poppe, founder of MN Capital, stated on his X page that 'the uptrend is back' after Bitcoin's price surged. He noted that prices below $112,000 provided a favorable entry point. Other analysts also affirm the positive sentiment in the market.
Bitcoin Price Predictions
Several crypto industry participants are forecasting higher prices in the crypto market. Analyst BitQuant asserts that his cycle top target of $145,000 for Bitcoin remains valid. Meanwhile, André Dragosch from Bitwise believes that recent legislative changes in the U.S. could push Bitcoin's price to $200,000 by the end of the year.
The sharp price increase in Bitcoin amid Fed comments shows a positive shift in market sentiment. Analysts suggest that BTC's value may significantly rise in the coming months.
