Two Crypto Experts Shared Their Cryptocurrency Price Predictions Ahead of the Meeting FOMC Wednesday at 2 p.m. ET, and Jerome Powell’s speech.
Cryptocurrency Price Predictions for the FOMC Meeting
With crypto prices falling over the past 24 hours – Bitcoin and Ethereum are down 3-4% – many traders are taking less risk, waiting on the sidelines and seeking expert analysis. crypto on line :
Crypto Chase (@Crypto_Chase, formerly @Chase_NL) has around 100,000 followers on Twitter and YouTube and has successfully sold BTC for over $56,000 and ETH over $4000.
His FOMC prediction is that cryptocurrency prices will crash into a ‘giga nuke’ if a 100 basis point rate hike is the result – which the market says has a probability of 16 % to occur.
If a 75 basis point rise is announced, he expects trades to go both ways, with choppy price action and the usual “Darth Maul candle” to break long short positions, before that the long-term evolution of the price of cryptos is decided by the comments of Powell, the chairman of the Fed.
Trading Tank (@TheTradingTank) posted a forecast longest of cryptocurrency prices for his 7,700 followers across an eight-tweet thread.
His analysis is that since the basic CPI and PPI data were released and inflation was higher than expected, the stock and crypto markets were able to sell off in response to the price of a 75 basis point rate hike.
Like Chase Crypto, it expects further sell-off if a 100 basis point hike is announced, possibly to test lows (for bitcoin price, the $17,600 level reached in June) or collapse any further.
“A 100 basis point hike would most likely trigger a sell-off and we could expect risky assets to test recent lows or even breach them. The real economic effect of rate hikes will only fully materialize in more six months, but investors behave as if these increases were immediate.”
However, he also notes that a 75 bps rise could improve the feeling and lead to a mid-term cryptocurrency price rebound – which would feel like a “return to victory” if it is in fact already priced in.
Following the FOMC meeting, next week will see the release of data from the GDP US and PCE inflation which Trading Tank says are “equally important”.
Earlier this week, CryptoNews reported on the price prediction of a third crypto analyst, Ted Talks Macro. He further predicted that markets have priced a 100bp rate and that risky assets like bitcoin will rally if a 75bp rate is announced.
FOMC meeting schedule
The next FOMC meeting, to be held after Wednesday, is scheduled for the 1st and 2nd november.
You can find the full schedule of FOMC meetings at federalreserve.org.
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Cryptocurrency prices will ‘sink’ if 100bp rate announced at FOMC meeting
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