Bitcoin Breakout Forecast For This Week
Bitcoin managed to trigger massive interest in the crypto market this year, especially back in April when the bulls came back to the crypto market.
After BTC’s price was able to surpass the psychological crucial level of $10k, experts were claiming that there’s nothing stopping BTC from surpassing its all-time high of about $20k.
But things were not exactly like that, because BTC was not able to get past some extremely important resistance levels and due to the extremely volatile market, it also suffered plenty of corrections.
At the moment of writing this article, the most important coin in the market is trading in the green and BTC is currently priced at $10,256.52.
The head of financial consultancy giant DeVere just said that the Federal Reserve is likely to push the price of the most important coin higher by the end of this week.
Nigel Green’s forecast
Nigel Green says he thinks the US central bank will likely decide to cut interest rates at its meeting on September 18th, reports ValueWalk.
“The Fed looks likely to follow the European Central Bank and cut rates this week by perhaps a quarter of a percentage point. This comes after it slashed interest rates for the first time in a decade in July on U.S.-China trade war tensions,” he said.
He continued and explained that “Bitcoin, the world’s largest cryptocurrency by market cap, is likely to break out of its recent sideways trading pattern and be given a healthy boost by the Fed’s rate cut. This is because an interest rate cut reduces the incentive to keep the fiat currency.”
Green also believes that “rate cuts typically lead to higher inflation, which reduces the purchasing power of traditional currencies.”
In other news, analyst Nick Cote told his 63k followers on social media that he’s quite bullish on BTC after the next halving which is scheduled to take place in 2020 May.
He believes that BTC could drop more soon.
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