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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Eyes $45,000 Amid Anticipation Of FOMC Decision

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Bitcoin price FOMC

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After a challenging two weeks resulting in a 21% drop, the Bitcoin (BTC) price rebounded emphatically, closing last week on a strong note. The premier cryptocurrency witnessed a surge that saw it end with a Doji Hammer candle on its weekly chart, signaling a potential bullish reversal. Notably, this uptick has propelled Bitcoin’s value back into its previous range of $41,300 to $45,000.

Keith Alan, the co-founder of Material Indicators, highlighted the significance of this pattern, stating, “Looks like we have a Doji Hammer candle forming on the BTC Weekly chart. That typically indicates a bullish reversal is coming. […] If we do indeed print a Hammer, Bitcoin bulls will need to overcome resistance at the bottom range of the Golden Pocket to have a chance at a meaningful move to retest the $44k – $45k range.”

Bitcoin has also reclaimed its position above the 20- and 50-day Exponential Moving Averages (EMAs), hinting at the potential for further gains. However, the anticipation surrounding the first Federal Open Market Committee (FOMC) meeting of 2024 adds a layer of complexity to Bitcoin’s trajectory.

FOMC Preview

The upcoming Federal Open Market Committee (FOMC) meeting, is anticipated to be a major determinant in the short-term movement of Bitcoin’s price, as it could signal significant shifts in the United States Federal Reserve’s monetary policy approach.

Macro analyst @tedtalksmacro provided an in-depth perspective: “This week’s FOMC meeting is pivotal.” Currently, the market is expecting the Fed to maintain the status quo, with a 97% probability against any policy change.

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“However, there’s a 46% chance of a rate cut by the March meeting. Investors should closely monitor for signs of the Fed moving towards a data-dependent approach, any recognition of inflation nearing their 2% target, and potential adjustments to Quantitative Tightening (QT) policies,” Ted remarked.

After this week, the Committee will meet again on March 19-20. Thus, this week’s FOMC meeting could lay the foundation for the critical decisions in March, which could have immediate and pronounced effects on market dynamics.

The Federal Reserve has forecasted that it will reduce interest rates three times this year. The market anticipates a possibility of five or more cuts. There is a general agreement that the initial reduction in rates might occur in the second quarter, though there is substantial support for the possibility of it happening at the March meeting.

Goldman Sachs has been consistently predicting a rate cut by the Fed in March. Their analysis is grounded in the significant progress observed in inflation control.

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The post-FOMC meeting press conference will be a focal point, as investors seek clarity on the collective view of the FOMC members, including the newly rotated regional Fed bank presidents. These officials, known for their cautious approach towards rate cuts, will play a significant role in shaping the committee’s decision-making process.

December’s inflation report indicated a 3.4% year-on-year increase, with core prices rising more rapidly than many economists had projected. However, the Department of Commerce’s personal consumption expenditures (PCE) index, the Fed’s preferred inflation measure, showed more promising signs of inflation cooling down to 2.9%, aligning closer to the Fed’s target.

Implications For The Bitcoin Price

Renowned crypto analyst @ColdBloodShill drew attention to the historical inverse correlation between the DXY (Dollar Index) and Bitcoin. He shared the following chart and stated: “Heard you needed some hopium. The last two FOMC events have marked the pico top of the DXY. Next one on Wednesday.”

DXY
FOMC marked the local top of the DXY | Source: X @ColdBloodShill

A potential drop in the DXY following the FOMC meeting could act as a catalyst for Bitcoin to rise towards the $45,000 mark. In addition, there are possible changes in QT policy that could indicate an increase in the supply of money. Such developments could serve as a major catalyst for the Bitcoin price as the hardest asset of the world.

Bitcoin price
BTC price, 1-day chart | Source: BTCUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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