The stocks and crypto market patiently awaits the outcome of the Wednesday, December 15 Federal Reserve meeting.
The Fed is expected to provide updated economic forecasts after going through the report on the dynamics of consumer prices for November 2021 by the President Joe Biden administration.
Where Will Bitcoin Go?
According to Jigar Trivedi, a commodities analyst at Anand Rathi Shares, investors are in what he describes as a “wait-and-watch mode” on the Fed outcome on the December 15 meeting. Trivedi expects Bitcoin to rally after the reports of the meeting are announced.
Analyst Michael van de Poppe expects a similar scenario. Poppe said to sell the rumour, buy the news. He earlier tweeted;
I repeat again; the bottom on #Bitcoin was hit on 4 December. The bull market isn't over.— Michaël van de Poppe (@CryptoMichNL) December 14, 2021
The same opinion is shared by ZEN after an analysis of the Bitfinex exchange BTC order book. ZEN explained that retail investors had sold into the lows, and it “feels like we’re going to get a buy the news event.”
There has been an almost uniform consensus that the price of Bitcoin is destined to hit $100k as its next stop. However, there have been deferring opinions as to when Bitcoin would achieve the milestone, made worse by the poor performance of the crypto market.
On The Flipside
- The prospect that the Fed would tighten its policies. This has already pushed traditional markets towards a moderate correction.
Why You Should Care?
The reports released by the Fed could determine which price direction Bitcoin (BTC) would take, possibly for the next few weeks
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