Bitcoin analysts raise the bar despite Fed’s hawkish tone

Bitcoin Analysts continue to rate Bitcoin’s future potential positively despite the Federal Reserve’s hawkish tone. According to analysts, Bitcoin will exceed $90,000 in the medium term and will pass a significant resistance point before reaching six-digit levels.

Fed’s decisions and the future of Bitcoin

of the Federal Reserve Its decision to maintain interest rates and plan to make only one rate cut this year instead of the three expected was disappointing for many investors and analysts. However, technical analysts believe that Bitcoin will rise despite these negative factors. In particular, the analyst named CryptoCon did not change his bet that Bitcoin would rise 25% above its all-time high of $73,679 in the near future. CryptoCon predicts Bitcoin’s peak price at $123,832 at the end of this cycle.

Magic Bands Model and Bitcoin predictions

CryptoCon’s predictions are based on a model called “Magic Tapes”. This model predicts future prices based on previous cycle tops and bottoms. The model suggests that when Bitcoin’s price breaks a “major level,” it moves to the next level based on previous cycle movements.

In the model, Bitcoin is currently showing resistance at the 2.5 level. But once it overcomes this consolidation period, Bitcoin will rise to $91,539 and subsequently reach the “Cycle Upper Target” of $123,832. According to CoinMarketCap data, the rise to $91,539 is 34% higher than the current price of $68,315. CryptoCon, “It will take some time to reach the 3rd level of magic bands, but this is the next step.”He commented:

Positive expectations despite the Fed’s hawkish tone

These positive predictions for Bitcoin come despite the hawkish tone of the Federal Reserve. The term hawkish indicates that the Fed is taking a more aggressive stance to control inflation. When interest rates fall, classic low-risk assets like bonds become less attractive and investors are more likely to turn to riskier assets like Bitcoin. The exact opposite happens when interest rates rise.

Popular analyst Van de Poppe said, “ FOMC’sThe hawkish tone is not positive. Powell’sHis speech and predictions are the market leader for Bitcoin. CPI“Today was overwhelmingly positive.” he commented. Another analyst Ted Talks Macro, “Today’s FOMC result is definitely more hawkish than expected.”he added.

Inflation data

While monthly CPI remained unchanged compared to last month, annual CPI remained 0.1% below the claims at 3.3%. Following this data, Bitcoin gained $ 1,500 in seconds and rose to $ 69,636.

This news was first published on the Coin Engineer website.