If the Fed holds rates steady and the market believes rates have peaked, BTC could benefit from expectations of improving liquidity in the future. However, if concerns about persistent inflation or a growing risk of recession intensify, $BTC may remain under pressure.
In summary:
A Fed rate hold in October has been almost fully priced in. The real story will be the next policy direction, global liquidity, and flows into risk assets—with BTC among the most sensitive.