Rally or Bust? How Bitcoin Will React to Today’s FOMC Meeting
The FOMC meeting is quickly approaching; therefore, analysts have begun making their forecasts for Bitcoin’s price movement when the meeting concludes. Is it going to have a bounce back, or will it crash?
Expert Pitches In
Famous crypto analyst and YouTuber George Tung predicts a Bitcoin rise based on the king coin’s stability over the previous four weeks and the expectation that interest rates would be set at 25 basis points.
He said that well-known cryptocurrency skeptic Jim Cramer has declared a bull market, which makes him (Tung) a little nervous since it is common knowledge in the cryptocurrency industry that whatever Cramer predicts will not come to pass. If he claims the market is bullish, it should raise some red flags.
Bitcoin, in Tung’s opinion, will have a very positive month in February. Over the previous several years, February has consistently been a positive month for the market.
“The market has a lot of similarities to 2019. If we’re at the breaking point like in 2019, that means there will be a tremendous increase soon.”
Tung claims that we are following the trend of the 2019 rebound that saw Bitcoin’s price rise from under $4,000 to over $12,000. By that measure, Bitcoin’s price should reach $35,000 within the next six weeks.
Since the beginning of the year, the price of Bitcoin (BTC) has continued to rise despite several warnings to the contrary across various time periods. In the last 24 hours, the value of a king coin has increased by 1.2% to $23,100.
Both $23,200 and the 100 hourly simple moving average are near-term resistance to price advancement. The following significant barrier to buyer power is located close to the $23,300 zone. It’s not far from the 50% Fibonacci retracement level of the decline from the high of $23,951 to the low of $22,519. But all signals continue to be bullish, so hopefully, there will no low.