Originally published on: November 07, 2024
Bitcoin is currently hovering around $75,000 as all eyes are on a major macroeconomic event in the United States.
The price of BTC hit a new all-time high of $76,480 before experiencing a slight pullback. This uptrend is fueled by strong demand following the US presidential election.
Trader Skew noted that the market is experiencing a significant shift with strong spot flows buoying the price to new highs. Sell-side liquidity is now positioned around the $80,000 mark, indicating a shift towards demand.
As the Federal Reserve prepares to meet and potentially announce changes to interest rates, markets are anticipating a 0.25% cut. The FOMC gathering could trigger volatility in the crypto and risk asset markets.
Analysts predict further upside potential for Bitcoin, with some suggesting targets as high as $130,000 to $150,000 by next year. The market is currently in a consolidation phase, with key support levels around $73,000.
While forecasts are optimistic, it’s important to conduct your research before making any investment decisions. Stay informed and subscribe to our newsletter for more insights into the market trends.
