FOMC: A Bullish Bitcoin One Catalyst That Will Propel This Movement
One catalyst that is said to possible have an influence on the market price of bitcoin is the outcome of FOMC meeting. An analyst is saying that if the chairman is Fed Jerome Powell be bullish on he’s next speech will spark a fresh rally for bitcoin.
In a YouTube video session a very well know crypto analyst says that if the Fed Chair goes according to plan bitcoin might reclaim its previous position it was couple of months ago which is $25,000.
“If Powell were to come out next week and all of a sudden be a lot more dovish than we’ve heard him be in a long time, then you could see a breakout back above the bull market support band ($25,000)…
If Powell were to come out with any dovishness to his tone, then [BTC] can pop up a little bit. I’m not saying it’s going to go back to like $40,000 or $50,000 anytime soon. But you could see volatility. We were at $25,000 just a couple of months ago.”
Well Cowen on the other hand says that he is backing up it’s claim saying that it’s projection/ claim depends on the outcome of the FOMC meeting, saying that a short term rally will follow suit which he is also positive about a volatility coming out of the current bearish market.
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We'll keep watching to see how the market goes. Speculations are a good indicator but how bullish are we talking about here, over 20k?