Bitcoin Holds Ground At $65,700 Amid Unchanged Fed Rates, Anticipating September Moves
In the wake of the highly anticipated address by Federal Reserve Chair Jerome Powell, Bitcoin (BTC) maintained a steady course on Wednesday as the Fed opted to keep interest rates unchanged at 5.25%-5.50%.
Crypto Market Awaits Fed’s Next Move
Powell, speaking at a press conference in Washington DC, hinted at the possibility of rate reductions in September, contingent upon the economic performance in the weeks leading up to that month.
“We’ve made no decisions about future meetings and that includes the September meeting,” Powell stated. “We’re getting closer to the point at which we’ll reduce our policy rate, but we’re not quite at that point yet.”
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In response to the Fed’s stance, crypto analysts weighed in on the implications for the digital currency space, with Michael van de Poppe, founder of MN Capital, expressing optimism over Powell’s “dovish outlook,” suggesting that a September rate cut remains a strong possibility.
In his social media post, Van de Poppe expressed confidence that this development bodes well for both Bitcoin and altcoins, with an eye on the upcoming decision expected in September.
Similarly, another analyst, Daan Crypto Trades, underscored Powell’s indication of a potential rate cut in September, projecting a high likelihood of its realization unless significant deviations occur following Consumer Price Index (CPI) readings.
With 48 days remaining until the September meeting, Daan Crypto Trades proposed that market dynamics may revolve around this impending decision, potentially giving rise to short-term fluctuations after the initial rate adjustment in September.
Bitcoin To Hit $1 Million In 2028?
In a recent social media post, Timothy Peterson, a Bitcoin writer and researcher, unveiled a significant prediction for the largest cryptocurrency on the market that, if it holds true in time, could result in BTC’s price reaching unprecedented highs.
According to Peterson, the Bitcoin price is directly and exponentially proportional to the square root of the number of Halvings that the network has undergone. In other words, the amount of new BTC introduced into circulation is cut in half approximately every four years, a process known as a Halving.
“A combination of adoption curve math and Metcalfe’s Law puts Bitcoin’s price well over $500,000 by the next halving in 2028,” Peterson asserted. “This implies an annualized rate of return of about 70%.”
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Peterson’s prediction is particularly noteworthy given Bitcoin’s current price of around $65,700, as if his prediction proves accurate, it would represent a massive increase of over 670% from current levels.
Furthermore, the researcher suggests that Bitcoin should be “sustainably above $1 million” about 450 days after the next halving event in 2028, aligning with the observed pattern of previous Halving cycles, where Bitcoin has tended to experience a significant price surge in the years following each reduction in new supply.
Featured image from DALL-E, chart from TradingView.com
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