The Federal Reserve is considering potential shifts in monetary policy, leading Bitcoin enthusiasts and market analysts to closely monitor its impact on the cryptocurrency market. Bitcoin’s price has been relatively subdued over the past six months, but some analysts are forecasting a significant upswing in Q4 2023 and beyond. Dennis Liu, a prominent crypto analyst, highlighted Bitcoin’s cyclical nature and emphasized that it often aligns with the global money supply, especially during bull cycles in 2017 and 2021 when the money supply expanded. Institutional adoption, including the anticipated launch of Bitcoin ETFs, could be a key factor in driving Bitcoin’s price higher in the upcoming cycle.
The Federal Reserve’s potential interest rate cuts, expected over the next several meetings, could stimulate economic recovery, historically linked to Bitcoin’s price performance. Bitcoin has shown a strong correlation with traditional markets like the S&P 500, which tends to recover 3 to 6 months after rate cuts. Analysts project that as the market stabilizes, Bitcoin could reach $100,000 by 2024 and potentially hit $200,000 by the end of 2025, depending on the broader economic environment managed by the Fed in either a “soft” or “hard” landing scenario.
Despite some analysts’ bullish outlook, not everyone shares the same perspective. Economist Peter Schiff, a long-time Bitcoin critic, has warned of a potential downturn, citing a “triple-top formation” in Bitcoin’s price chart and forecasting a decline to $42,000 in the near term. Schiff continues to advocate for gold as a superior store of value, showcasing the diverging market views regarding Bitcoin’s future performance and challenges it may face ahead.
The daily technical outlook for Bitcoin on September 17, 2024, indicates that Bitcoin is currently trading at $60,299, showing strong momentum after breaking through key resistance levels. The price has cleared the $59,649 pivot point and is aiming to sustain above $60,571, its immediate resistance. The bullish momentum is supported by the 50-period EMA at $59,054, indicating potential for further upside if support levels are maintained. The RSI suggests strong but not overbought momentum, with immediate support at $59,649 and further support at $58,955 in case of a correction.
Bitcoin’s growing adoption is evident as platforms like Crypto All-Stars near the $1.2M mark in their presale, with one day remaining to participate before the price increases. Crypto All-Stars combines Bitcoin’s market influence with meme coin staking, offering unique options for both Bitcoin and meme coin holders. The platform has raised $730,000 within its first week and has rapidly gained traction among investors looking to diversify. Investors can purchase $STARS using ETH, USDT, BNB, or cards, providing an opportunity to engage in this innovative platform before the presale ends.
