
Jakarta, Pintu News â The Bitcoin market is looking forward to the Federal Open Market Committee (FOMC) meeting that will take place this week. Some major banks predict that there will be policy changes from the US Federal Reserve. Read the full info in this article!
Bitcoin volatility has declined sharply the past few days. According to data from CryptoQuant, Bitcoinâs daily price movement was only 2% on October 21 and 3% on October 22. Maartunn, an on-chain analyst, said that the current conditions are a prelude to a major turmoil. He explained that the minimal activity and weak momentum are indications that traders are waiting for an event that could have a major impact on the market.
According to Maartunn, this is a âtypical squeezeâ that often occurs before a big spike in the market. Analysts are also starting to take the current conditions as a strong bottoming signal, with some of them even suggesting selling gold and buying Bitcoin (BTC).
Also read: 2 Crypto that Grew 80% in 24 Hours (10/27): MAVIA and SPEC, Whatâs the Main Factor?
Bitcoin (BTC) started the week with modest gains, trading around $111,631, up 0.53% in 24 hours according to TradingView. The crypto asset has gained 4.85% over the past week and remains up nearly 20% since the start of the year. This steady rise suggests that investors may have started preparing themselves for possible policy changes by the Fed.
Adding to the bullish sentiment, MichaĂ«l van de Poppe, a renowned crypto analyst, said that he expects Bitcoin (BTC) to reach new highs in November. This prediction is in line with recent statements from Binance founder CZ, who predicted that Bitcoin (BTC) will surpass the market capitalization of gold. It also reflects growing institutional confidence in the coinâs long-term strength.
Also read: 10 Crypto DEXs That Could Potentially Rise by 2026
In addition to Bitcoin (BTC), Michaël van de Poppe also predicted that the price of Ethereum could reach $5,000. Other altcoins are also expected to double in price in the same timeframe. If the Fed does confirm the end of Quantitative Tightening (QT) this week, it could be a confirmation of these bullish predictions.
This rise will not only affect Bitcoin (BTC) and Ethereum (ETH), but also potentially have a positive impact on the entire crypto market. Investors and traders around the world will be watching every development from the FOMC meeting very closely.
With the upcoming FOMC meeting, the crypto market is on the verge of potential major changes. New policies from the Fed could be the catalyst that will push the price of Bitcoin (BTC) and other crypto assets to levels never reached before. Investors and analysts are eagerly awaiting the decision, which could mark a new chapter in the evolution of the crypto market.
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*Disclaimer
This content aims to enrich readersâ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an assetâs past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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