Bitcoin's price has once again surpassed $63,500, laying the groundwork for a potential rise to $64,000. Technical analysts emphasize the importance of consistent closes above $61,700, indicating short-term bullish prospects. Analyst Carl also shared a chart showing the potential for significant price movement in AVAX.
Bitcoin Technical Analysis
Bitcoin's price has once again surpassed $63,500, moving toward a critical level. A rise above $64,000 may soon be possible. Technical analysts stress the importance of consistent closes above $61,700 to signal short-term bullish momentum.
Avalanche (AVAX) Chart Analysis
On September 9, analyst Carl noted that AVAX was below $24, expecting an impending rise. Now, AVAX has surpassed $26, and the ongoing increase in BTC price supports the continuation of this rally. The targets set by the analyst are $28, $33, and $41.3, followed by levels above $54 and $60. These levels may allow AVAX to break its 2024 records. Last month, the Avalanche team announced significant news in the RWA sector for trillion-dollar Franklin, along with the recently initiated AVAX trust by Grayscale during a period of market pessimism.
Cryptocurrency Market Outlook
We have extensively covered details about the Fed, but The Kobeissi Letter suggests housing inflation may surprise the Fed due to rising home prices. Housing prices surged during 2020 and 2022, maintaining a significant position in inflation as prices increased by 50% over the last five years. The macroeconomic data source states: '2020: Rates fall to 3%, housing prices soar due to strong demand. 2022: Rates reached the highest levels since 2001, leading to skyrocketing housing prices due to low supply. 2024: Rates are set to decrease with the largest cut since 2008; what will happen to housing prices?' Historically, lower rates mean higher housing prices due to stronger demand. Now rates are falling, but will prices drop?' While the Fed is set to initiate a 50bp rate cut, it has indicated caution to avoid destabilizing the economy. Nonetheless, the potential for inflation to return should not be underestimated. Patrick Scott notes that the total value of stablecoins (excluding algo stablecoins) is nearing $170 billion, predicting that cryptocurrencies will rise.
The rise in Bitcoin's price and the growth prospects for AVAX indicate a potential short-term bullish trend in the cryptocurrency market. Macroeconomic factors, such as housing inflation and changes in Fed rates, can significantly impact the future development of cryptocurrencies.
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