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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

$1 Million For 1 Bitcoin Possible Says This Report, Here’s Why

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin Proof of work

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Created by industry experts and meticulously reviewed
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Bitcoin continues its upward trend as the global banking sector faces a crisis; the cryptocurrency has seen its best performance year to date. The BTC price has been pushing up due to a strengthening in the narratives and could see further upside ahead of a critical macroeconomic event.

Related Reading

FOMC Decision Will Push Bitcoin Up Or Down? The $30,000 Question

1 year ago

As of this writing, Bitcoin (BTC) trades at $28,300 with sideways movement in the last 24 hours. The previous week, the cryptocurrency recorded a 17% profit, leading the bull run in the top 10 cryptocurrencies by market capitalization.

Bitcoin BTC BTCUSDT Chart 1
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT Tradingview

One Bitcoin, One Bet, One Macro Event

According to the trading desk QCP Capital, the Bitcoin price will likely remain upward. Tomorrow, the U.S. Federal Reserve’s (Fed) Federal Open Market Committee (FOMC) decision to hike or cut interest rates will tremendously impact Bitcoin and the global market.

Due to the current banking crisis, the FOMC and its takeaways could propel BTC higher while pushing other sectors to the downside. Unlike in previous occasions, QCP Capital believes that the Fed needs to “stick to their guns” and raise rates by the expected 25 basis points (bps).

Anything else, especially a cut in this metric, could spook the market and send the wrong message. If the Fed cuts or comes out “too dovish,” the market could be impacted by uncertainty disrupting BTC’s short-term bullish potential. QCP Capital noted:

Ironically our view is that the best thing the FOMC can do to calm markets is a business as usual approach – raising rates 25bp and keeping the dots (which implies 1 more hike sometime this year). (…) we hope Powell would stay the course next week rather than channel his best Arthur Burns flip-floppery – we all know what followed in the 1980s after that.

In addition, the trading desk referenced Balaji Srinivasan’s bet on Bitcoin, reaching $1 million in the next three months. The investor believes the U.S. economy is faltering, leading to hyperinflation in the dollar, pushing BTC into the $1 million level.

Balaji wagered $2 million that the cryptocurrency would hit this mark. The current banking crisis and how the Fed has dealt with it by injecting more liquidity into the system tips the economic balance in Bitcoin’s favor.

Related Reading

Bitcoin

$28.7K Could Be Next Level To Break For Bitcoin, Here’s Why

1 year ago

The cryptocurrency will likely not hit the $1 million level in 2023, let alone in 3 months, but the bullish thesis for BTC is gaining momentum. When banks crumble, Bitcoin soars. At least, this has been the message sent across the markets in the past two weeks. QCP Capital concluded:

This is a terrible precedent for future crises, where massive money printing will be the norm for generations to come. Perhaps seeing BTC hit $1m in this lifetime is possible after all.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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