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Bitcoin Awaits Fed Decision After Hitting New Highs
Bitcoin consolidates near $75K as traders eye potential Fed interest rate cut. Price targets include a possible surge to $100,000 with high volatility expected around the Fed’s announcement.
Joe G & Money Talks
November 07, 2024 • Estimated Reading Time: 6 minutes
What we will talk about today...
Bitcoin Awaits Fed Decision After Hitting New Highs
Ethereum Surges Toward $3,600 Amid Pro-Crypto Sentiment
Bitcoin’s Path to $1 Million: Will Trump’s Second Term Deliver?
Bitcoin consolidates near $75K as traders eye potential Fed interest rate cut. Price targets include a possible surge to $100,000 with high volatility expected around the Fed’s announcement.
Bitcoin $BTC is now in the sweet spot of the bull market halving cycle that should top in the $130k to $150K range next Aug/Sep. I measure cycles differently than most. For background see link here: peterlbrandt.com/the-beautiful-…
— Peter Brandt (@PeterLBrandt)
9:52 PM • Nov 6, 2024
#Bitcoin I am not bearish at all , although the potential for a short term consolidation is likely.
I could be seeing potentially a move up towards the 77- 77.5k area , but then I am expecting a retracement due to market makers de-risking ahead of FOMC tomorrow
Macro of… x.com/i/web/status/1…
— Andrea Capellini FTA (@AndreaCapellin4)
10:07 PM • Nov 6, 2024
Main Points:
Bitcoin peaks at $76,480, retracts to $75,000 amid steady demand.
Fed rate decision anticipated to impact Bitcoin and risk assets.
Analysts predict further highs, some aiming for $100,000 if volatility sustains.
Detailed Insights:
New Highs: Bitcoin reached $76,480 on Nov. 7 before stabilizing around $75,000.
Market Shift: Increased spot demand reflects strong buyer interest, driving prices.
Fed Rate Decision: Fed likely to cut rates by 0.25%, adding potential volatility.
Analyst Projections: Near-term targets set for $77K, with a bullish outlook on $100K.
Long-Term Vision: Veteran analysts see potential peak around $130K to $150K by Q3 2025.
I was right about the pump to $74-$75k, but it looks like I was wrong about the pullback scenario.
That said, as I shared yesterday, we had a trigger for longs with the break above $69k, but there was no trigger for a pullback since $BTC held above $72,700 support today.
As a… x.com/i/web/status/1…
— Justin Bennett (@JustinBennettFX)
7:59 PM • Nov 6, 2024
Here's my #FOMC scenario table for tomorrow's rate decision.
Markets (Fed Fund futures) are dialed in for a -25bp cut, but the outlook beyond is growing blurry.
All things being equal, I would have expected this to be a 'discounted' event, but with volatility already high...
— John Kicklighter (@JohnKicklighter)
8:58 PM • Nov 6, 2024
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Ethereum Surges Toward $3,600 Amid Pro-Crypto Sentiment
Ethereum's price climbs as Trump’s pro-crypto stance fuels demand, with Ether poised for further gains. A Michigan pension fund’s Ethereum ETF investment boosts institutional interest.
With how bullish everything looks now
$ETH could EASILY double in a week or two
Especially given the fact that Trump has some decent history with Ethereum and is currently building a DeFi project on it
This is just one of his Ethereum wallets 👇
— EthereanVibin | 0xVibin.eth 🦇🔊 (@EthereanVibin)
8:33 PM • Nov 6, 2024
Main Points:
Ether's price climbs to $2,880, marking a strong weekly performance.
Trump’s pro-crypto policies drive Ethereum's price rally.
Michigan pension fund invests in Ethereum ETFs, reflecting institutional confidence.
Ethereum’s technical patterns suggest potential gains toward $3,600.
Detailed Insights:
Price Rally: Ether jumped 16% this week, nearing $2,880 on Nov. 7.
Pro-Crypto Sentiment: Trump's win renews market enthusiasm for crypto, with Ether benefiting significantly.
Institutional Backing: Michigan State Retirement System invests $11M in Ethereum ETFs, supporting market stability.
Technical Breakout: Ethereum's close above $2,760 signals a potential climb to $3,600 this month.
$ETH: With regards to the $ETHBTC pair, we're now in the green zone and where I think this pair eventually forms a bottom. I'm of the belief that it's time to start paying attention and possibly starting to accumulate from now until EOY (.03-.035).
Despite all the bearishness… x.com/i/web/status/1…
— Nico (@n1c0cs)
7:57 PM • Nov 6, 2024
₿itcoin reached $74,903. +0.80%
♢Ethereum reached $2,823. +6.74%
With Bitcoin soaring over 1,900% during Trump’s first term, analysts suggest BTC could target $1 million as Trump’s pro-crypto stance reshapes the market.
#Bitcoin is going to $250k Post-Election ?
In 2016 BTC pumped by 2747% post-election
In 2020 BTC pumped by 360% post-electionIn 2024, with a pro-Bitcoin president. Even a 240% pump would mean $250,000 per Bitcoin!
— Mags (@thescalpingpro)
4:30 PM • Nov 6, 2024
Main Points:
Bitcoin rose 1,900% during Trump’s first term; forecasts predict similar growth.
Trump’s re-election brings renewed support for the crypto sector.
Analysts expect BTC to reach between $100,000 to $250,000 within 12 months.
Detailed Insights:
Historical Surge: From 2016–2020, BTC rose 1,900%, reaching new highs despite Trump’s past skepticism.
Pro-Crypto Policies: Trump now aims to make the U.S. a “Bitcoin superpower,” driving optimism.
Lofty Projections: Cathie Wood and Henry Arslanian see institutional players boosting BTC; a $1 million target by 2028 is within reach.
Short-Term Targets: Analysts expect BTC at $100,000–$250,000 by 2025 due to post-election momentum.
What is the impact of Trump’s win on the #Bitcoin and #Cryptocurrency markets?
3 things to watch:
- change of US regulatory stance
- further entry of institutional investors
- wave of M&A in the space
— Henri Arslanian (@HenriArslanian)
8:12 AM • Nov 6, 2024
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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results