Originally published on: August 23, 2024
Bitcoin surged beyond the $62,000 mark following the Federal Reserve’s decision to cut interest rates, reaching a new high of $62,323 on Bitstamp. Investors responded positively to Fed Chair Jerome Powell’s announcement, signaling a potential shift in monetary policy.
During the Jackson Hole symposium, Powell hinted at a forthcoming easing of policy restrictions without specifying a timeline. This news has fueled optimism among traders, with market commentators predicting a bullish trend for Bitcoin.
Analyst Scott Melker, known as the “Wolf of All Streets,” highlighted Powell’s dovish stance, while Arthur Hayes, former CEO of BitMEX, forecasted an “up only” trajectory for crypto. As Bitcoin continues its upward momentum, traders are closely monitoring liquidity shifts and key breakout levels.
Despite the uncertainty in the market, experts like Michaël van de Poppe remain optimistic about Bitcoin’s potential for a breakout. With a growing inflow of capital into US spot Bitcoin ETFs, the outlook for Bitcoin’s price remains positive.
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