Following Donald Trump’s victory, the crypto market attention is now on the upcoming FOMC meeting, where the Federal Reserve is expected to announce a potential 0.25% rate cut potentially driving Bitcoin price to $100K.
Following Donald Trump‘s victory on Wednesday, Bitcoin price surged to a new all-time high above $75,000 and is consolidating around the same levels now. Now, all eyes are specifically on the FOMC meeting scheduled to happen on Thursday, where Fed chair Jerome Powell will share his views on inflation and the next trajectory ahead.
As a result, Bitcoin and the broader crypto market are likely to see some volatility ahead as the Federal Reserve announces some rate cuts. Crypto market analysts have been already anticipating a 0.25% interest rate cut with the Federal Open Market Committee (FOMC) meetings driving volatility for crypto and other risk assets.
According to the latest data from CME Group’s FedWatch Tool, the likelihood of a 0.25% rate cut stands at 97.4% as of this writing. This will usually happen following the statement and press conference from Chair Jerome Powell following the meeting.
Some market analysts predict a knee-jerk reaction to Bitcoin (BTC) price. In a post on the X platform, Andrea Capellini wrote:
“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.”
The BTC/USD pair continues to see a strong demand even a day after the excitement around the US election settles. In his latest analysis on X, trader Skew highlighted that this is a key factor driving the market, one that was previously missing.
“Strong spot flows today has lifted price towards new ATHs & through multi-month supply zone ($73K) & Further signs of a major shift taking place in the underlying market,” he wrote.
$BTC Binance Spot
Strong spot flows today has lifted price towards new ATHs & through multi month supply zone ($73K)&
Further signs of major shift taking place in the underlying market
The underlying market shift here is a clear from the return of passive demand for BTC
-… https://t.co/KaIJCHlN6E pic.twitter.com/kRdba0F1uj— Skew Δ (@52kskew) November 7, 2024
Will Bitcoin Price Rally to $100K and Beyond?
Now that Bitcoin is in the price discovery zone, analysts are predicting a potential rally to $100K. BTC price gains have fueled increasingly bullish predictions about how much higher Bitcoin could rise. Following a breakout from an eight-month consolidation channel, BTC/USD is prompting market participants to consider even higher targets.
On the other hand, whales have started accumulating Bitcoin once again. Two major Bitcoin whales seized the opportunity to accumulate 1,897 BTC, worth approximately $142.6 million, from Binance in the past six hours, as Bitcoin’s price slightly dipped from its new all-time high, reported SpotonChain.
Whale “bc1qay” withdrew 1,225 BTC, valued at $92.2 million, at a price of $75,226 roughly six hours ago. This whale now holds 1,775 BTC, worth $133.4 million, with an unrealized profit of $2.56 million.
Another whale, “bc1qh8”, made a fresh withdrawal of 671.74 BTC, totaling $50.4 million, at a price of $75,080 just 45 minutes ago.
These movements come as Bitcoin maintains its strong performance following the recent ATH.
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