Eyes are on the interest rate announcement from the FED in Bitcoin (BTC) and the markets.
Despite volatile movements before the FED's interest rate decision, Bitcoin remains above $28,000, while the largest altcoin Ethereum (ETH) is slightly below $1,800.
According to Bloomberg's news, investors and analysts expect Bitcoin to reach $30,000 after the FED's decision, as they anticipate a rate cut or a hold on interest rates due to the ongoing banking crisis in the US.
Analysts state that many investors have started investing in Bitcoin as a precaution after the banking crisis, and BTC is gradually taking the place of gold.
In this context, Chris Weston, head of research at Pepperstone Group, speaking to Bloomberg, said that the FED's move after the banking crisis has increased Bitcoin and gold prices.
Again, famous Bitcoin advocate Ark Invest CEO Cathie Wood argued that this crisis has attracted more institutions to invest in Bitcoin.
Finally, IG Australia market analyst Tony Sycamore pointed out that there is an inverse head-and-shoulders pattern in the Bitcoin chart.
Sycamore, who claims that this model indicates further increases in BTC price, continued his remarks as follows:
"My Bitcoin technical analysis indicates that the price is preparing to rise towards $35,000.
As interest rate markets have shifted from pricing rate increases to pricing rate cuts.
In this context, there is now a slight tailwind supporting the price increase of Bitcoin."
Source: bitcoinsistemi.com
*Not investment advice.