Despite the recent 'hawkish tone' from the Federal Reserve, analyst CryptoCon remains optimistic about Bitcoin's upward momentum. CryptoCon predicts that Bitcoin is poised to surpass its previous all-time high of $73,679, aiming for a target of $91,539 before reaching a cycle peak of $123,832.

This bullish outlook was shared by CryptoCon after the Fed published its meeting minutes, indicating plans to maintain interest rates and reduce expected rate cuts this year.

CryptoCon's analysis, based on the 'Magic Bands' model, suggests that Bitcoin is currently at level 2.5 and is expected to progress to level 3 at $91,539, followed by the ultimate target of $123,832. This projected increase to $91,539 represents a substantial 34% jump from Bitcoin's current price of $68,315 as per CoinMarketCap data.

Despite the Fed's hawkish stance, CryptoCon remains confident in Bitcoin's trajectory, emphasizing the likelihood of reaching the projected levels.

The market response to the Fed's announcements has been mixed. While some, like MN Trading Consultancy founder Michaël van de Poppe, view the FOMC's hawkish tone negatively for Bitcoin, others, such as independent analyst Ted Talks Macro, agree with the Federal Reserve's unexpected hawkishness as communicated recently.

Markus Thielen, head of research at 10x Research, expresses cautiousness regarding the FOMC's optimism, suggesting that the Fed may need to adjust its stance as inflation stabilizes. Market expectations of rate cuts also vary, with the FOMC anticipating one cut while the market leans towards two, down from initial projections.

The recent surge in Bitcoin's price may face challenges due to the Federal Reserve's hawkish position. Higher interest rates typically result in reduced liquidity, impacting investment in high-risk assets like Bitcoin. The enthusiasm seen in the market could be short-lived, and corrections might follow. The question arises whether Bitcoin's price trajectory is overly optimistic in light of the Fed's committed approach to interest rates and inflation control.