The Federal Reserve’s recent stance, described as “hawkish,” has not deterred a technical analyst’s bold prediction that Bitcoin (BTC) is poised to surge by nearly 25% above its all-time high of $73,679. This surge to $91,539 is seen as the next significant milestone before reaching the peak of the current cycle at $123,832.
In a post on June 12, CryptoCon, a pseudonymous technical analyst, reaffirmed their long-standing prediction for Bitcoin despite the Federal Reserve’s decision to keep interest rates steady and reduce expected rate cuts from three to just one this year. Utilizing the “Magic Bands” model, CryptoCon analyzed previous cycle peaks and bottoms to forecast future price movements, suggesting that Bitcoin is currently at level 2.5 and poised to break through to level 3 at $91,539 before reaching the cycle’s peak.
The Magic Bands model, illustrated by Crypto Con, indicates a potential 34% increase from Bitcoin’s current price of $68,315 according to CoinMarketCap data. Despite concerns over the Fed’s hawkish tone, which signals a more aggressive approach to controlling inflation, CryptoCon remains optimistic about Bitcoin’s trajectory based on historical price movements.
Other traders shared mixed sentiments about the Fed’s recent stance, with some viewing it as potentially impacting Bitcoin’s performance in the market. However, independent analysts like Ted Talks Macro highlighted the market’s dependency on Federal Reserve decisions and their implications for Bitcoin’s price movements.
While the FOMC’s projections may have raised concerns among some analysts, others like Markus Thielen from 10x Research believe that the Fed’s expectations may need to be adjusted later in the year as inflation trends evolve. Despite uncertainties surrounding interest rate cuts and inflation, Bitcoin’s price surged following the recent announcement, underscoring its sensitivity to macroeconomic factors.
It is important to note that this article does not provide investment advice. Readers are encouraged to conduct their own research and analysis before making any investment decisions.