Bitcoin Shines as Market Awaits Key Fed Decision

Bitcoin (BTC) $107,874 maintains its price above $96,500, attracting investors even as the daily trading session continues. Despite a prolonged decline, altcoins have yet to commence their anticipated recovery. This indicates that the ripple effects of Bitcoin’s upward drive are yet to be felt across the cryptocurrency market. Nonetheless, expectations for a sustained rise are supported by analysts’ forecasts.

Expectations for Cryptocurrency Growth

On Wednesday, the Federal Reserve’s interest rate decision is anticipated. While rates are expected to remain unchanged, the tone of Powell’s subsequent statements is crucial. Despite criticism of Trump’s pressure on the Fed, avoiding rate cuts could harm the economy under current conditions of steep rate decreases and recession fears.

Following a rapid increase period, the Fed should commence rate reductions. Notable analyst Mister Crypto highlighted the anticipation of rate cuts in today’s analysis.

“The market is now pricing in 4-5 rate cuts this year. Stocks will rise, and crypto will explode. Be ready,” he remarked.

Roman Trading, a cautious analyst amidst the market rise, remains prudent. Highlighting a potential drop back to $88,000, he stresses the need for a more robust upward momentum, describing the rally as lacking sufficient volume.

“The primary issue with this ‘breakout’ is its lack of direct strength. I still see the $88K level. Volume is low, notably during the breakout candle – often indicative of a false rise. The Stoch/RSI is overextended and likely needs relief,” Roman Trading explained.

Should Bitcoin finally start accumulating volume after months of false rises, a scenario where the price accelerates to $130,000 could unfold, quelling Roman Trading’s doubts.

INIT Coin Predictions

INIT Coin, a trending altcoin, has recently gained traction. Its volatile movements attract interest from short-term traders. As BTC’s price rises, investors ponder potential movements, prompting Altcoin Sherpa to share insights.

“I’ve already taken some profits, but ultimately I believe it will rise further. I can’t claim I’ll hold it long-term, and will watch $BTC closely, but it looks promising,” Sherpa noted.