As the crypto market prepares for the upcoming meeting of the Federal Open Market Committee (FOMC), a well-known Dutch crypto analyst has made a prediction about the future of Bitcoin.
Crypto analyst Micahël van de Poppe expects a possible drop in the Bitcoin price, with a possible range of $55,000 to $58,000 before a recovery takes place. In the post, Van de Poppe writes the following:
“Month close approaching for Bitcoin and tomorrow is FOMC day. I think we will get below $60K and possibly drop towards $55-58K where we will find the bottom and go back up.”
Why the FOMC meeting is so important
The Federal Open Market Committee (FOMC) meeting is of great importance to the crypto market, mainly due to the influence it has on interest rates. When the FOMC decides to raise or lower interest rates, it directly affects the value of the dollar and the attractiveness of risky assets like cryptocurrencies.
An increase in interest rates could cause investors to shift their money to less risky assets such as bonds, which could hurt cryptocurrency prices.
Furthermore, the current uncertainty on the global stage is causing concerns among investors. Tensions in the Middle East are seen as a major problem that is putting pressure on financial markets.
These geopolitical uncertainties could lead to an increase in volatility in the financial markets, including the crypto market.
Trade €10,000 for free and get a 10 euro bonus
Do you want to enter the crypto world and perhaps buy Bitcoin or another crypto? Then grab your chance now with this exclusive offer! Thanks to a special deal between Newsbit and Bitvavo, one of the most accessible and user-friendly crypto exchanges in Europe, our readers receive an exclusive offer.
Create an account with Bitvavo via the button below and receive a welcome gift of 10 euros completely free. And that’s not all – you also don’t pay trading fees on your first 10,000 euros in transactions. Register now!
