Yuri Molkhan
Recent analytical data suggests that BTC could potentially face high volatility in the near future
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Contents
- James Bullard says the Fed could hike rates again this year
- Peter Brandt shares his BTC forecast
In a recent tweet, Glassnode’s team of analysts indicated that the flagship cryptocurrency, Bitcoin, has consolidated within the 3.4 percent range — the difference between highs and lows — over the past seven days. This is one of the closest consolidations in the last three years.
This can be compared to July 2020 and January 2023, when these consolidations were followed by large market moves in both cases, the tweet said. Overall, the current situation in Bitcoin could indicate that high volatility is about to occur.
James Bullard says the Fed could hike rates again this year
Chinese crypto blogger and journalist Colin Wu shared that St. Louis Federal Reserve Bank President James Bullard thinks the Fed is likely to make two more rate hikes this year. Should that happen, it would be 25 basis points each.
Earlier this year, the Federal Reserve hiked interest rates twice, in early February and early May. Both times, Bitcoin reacted negatively as its price tumbled.
Peter Brandt shares his BTC forecast
As U.Today previously reported, veteran old-school commodities trader Peter Brandt tweeted that he thinks Bitcoin’s price may falter one more time before it starts to rise.
At press time, the top cryptocurrency is changing hands at $27,014, according to CoinMarketCap, after posting a modest 1% gain over the past hour.
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