CoinNess reports:
As Bitcoin (BTC) faces downward pressure in the short term, analysts estimate that the next lifeline for Bitcoin may come from the decision of the Federal Reserve.
On this line, market analyst Cristian Chifoi stated in an X post on June 26 that the next rate cut by the Federal Reserve could push Bitcoin to a historical high of over $150,000.
This analysis is based on similarities between the current market scenario and the Fed’s past rate cuts. Reflecting on the Fed’s actions in July 2019, the expert pointed out that Bitcoin surged rapidly after the initial rate cut, with the asset skyrocketing from $7,400 to $14,000 within weeks.
However, facing a global economic upheaval similar to the 2008 global financial crisis before the outbreak of the pandemic, Bitcoin had been on a downward trend.
Fast forward to 2024, Chifoi believes that the Fed is likely to cut rates in September, but it could happen in July or November/December, potentially with significantly different effects.
Next historical high target for Bitcoin
Chifoi outlined two potential scenarios: the initial rate cut may stimulate market reaction, pushing Bitcoin to the range of $90,000 to $100,000. This uptrend will complete a mid-cycle or full-cycle rebound and update market views as events unfold.
Unlike 2019, the analyst pointed out that Bitcoin’s price may not experience a downward trend after the rate cut. With the launch of Bitcoin exchange-traded funds (ETFs), Wall Street’s involvement, and the growth of Bitcoin’s index market value, Chifoi stated that Bitcoin has transitioned from a speculative asset to a more stable investment. This stability suggests that Bitcoin may avoid significant downward trends and continue its upward trajectory.
The analyst predicted that with Bitcoin’s market value reaching $1.4 trillion, we can expect a broader trend change that could push Bitcoin to $120,000 to $170,000.
He said, “Before we talk about trend changes, $1.4 trillion is my next target, just like the next stop for BTC, maybe with an extension line of 120-170k to complete this cycle.”.
Meanwhile, Bitcoin continues to struggle against downward pressure as the asset seeks to maintain support at $60,000. Looking ahead to the next price trajectory, cryptocurrency trading expert Michaël van de Poppe stated in an X post on June 27 that attention is focused on $60,000, as this level may trigger a bullish divergence.
The Dutch cryptocurrency expert pointed out that this crucial price level could be reached next week. Part of the optimism is due to the upcoming Ethereum (ETH) ETF, which is expected to inject new momentum into the broader cryptocurrency market.
Bitcoin price analysis chart. Source: TradingView
Bitcoin price analysis
As of the time of writing, the Bitcoin trading price is $61,120, with a daily decline of nearly 0.3%. Within the weekly time frame, BTC has dropped by over 7%.
Bitcoin seven-day price chart. Source: Finbold
In conclusion, the weekly chart of Bitcoin shows consolidation, and investors should pay attention to the key support level at $60,000, with resistance levels around $64,000 and $66,000.
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