Can BTC/USD move to $100,000 because of the Federal Reserve?

CNBC reports that both Bitcoin and Gold tend to rally during financial turmoil.
Peter Brandt predicts that Bitcoin will grow to as much as $100,000.

Rajarshi Mitra Independent Analyst

It is believed that the Federal Reserve is unintentionally propelling Bitcoin towards staggering new heights. Two days before Bitcoin re-entered the $10,000-zone, Federal Reserve Chairman Jerome Powell had announced the decision to maintain the benchmark for the federal fund’s interest rate, setting a target within a range of 2.25% to 2.5%. Many experts believe that the Federal Reserve has been pressured to cut the interest rate because of inflation and geopolitical risks.

CNBC notes that this financial turmoil has been “viewed as a positive for bitcoin as well as gold, which are looked at as alternative currencies that should rally when central banks take actions that reduce the value of government-backed currencies.”

Peter Brandt, a well-known technical analyst, believes the recent surge has Bitcoin primed to grow upto as much as $100,00:

“Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”

As of now, BTC/USD needs to overcome resistance at $11,200. Check out our price prediction report here.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

Ripple Price Forecast: XRP recovery dims as demand cools

Ripple (XRP) maintains narrow range trading on Monday, with support at $1.10. The token's upside remains largely constrained, as major moving averages trend downward, aligning with low demand in both the institutional and retail markets.

Crypto Today: Bitcoin, Ethereum, XRP hold key support as US and Iran agree to halt strikes

Bitcoin (BTC) maintains a neutral-to-bullish outlook, trading above $65,000 on Monday. Ethereum (ETH) is approaching the key supply and inflection point $2,000, while Ripple (XRP) hovers slightly above $1.10, underscoring a marginal improvement in the broader cryptocurrency market sentiment.

Shiba Inu Price Forecast: The three factors driving SHIB's mystery rally

Shiba Inu (SHIB) price is down 3% on Monday, reflecting a potential profit-driven pullback after rising over 25% over the last two days. The mystery rally in SHIB has outpaced the minor recovery seen in other meme coins, with data suggesting it is linked to supply burns, the Korean market demand, and ecosystem expansion.

Bitcoin options traders are dropping their hedges going into the Fed meeting

Bitcoin's options market has turned notably less defensive over the past month, unwinding the downside protection traders built up in June just as the Federal Reserve prepares to meet.

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.