FBS Analysts Predict Bitcoin Downturn Amidst Anticipation of 2024 Federal Reserve Rate Cut
–News Direct–
FBS analysts project a looming downturn for Bitcoin as the market players await the upcoming Federal Reserves key rate cut in 2024. This tendency signals the rising probability of the BTCUSDs closing bullish trend, as rate hikes frequently influence risk assets such as Bitcoin.
The Federal Reserves key rate, a pivotal factor determining the minimum interest rate for interbank lending, plays a substantial role in shaping the financial landscape. Market participants have observed a correlation between the Federal Reserves key rate peaks and the decline of risk assets, including Bitcoin.
As FBS analysts review Bitcoins behavior from 2017 to 2020, they point out a remarkable 370% surge in early 2019 to 13,000 USD or the 61.8 Fibonacci level, following public anticipation of th...