While Bitcoin continues consolidation hovering around support at $43,000, experts say BTC is unlikely to move rates down in the near future.
What’s more, some bug crypto market players are sure that crypto will gain even more confidence this year. According to the most daring predictions, Bitcoin will reach $69,000 by the end of 2024.
We may highlight several key reasons that can potentially move the BTC price forward. Despite surprisingly positive recent inflation data, the FED does not seem like cutting rates in the near future. Instead, it keeps tackling higher prices.
The FED officials say it would be wrong to cut rates prematurely unless there was insufficient proof that inflation was pulling back to 2%. Nevertheless, rate cuts may be launched as soon as the central bank gains enough confidence.
On the other hand, major stocks managed to finish in the green line with the S&P, Dow, and Nasdaq up by 23%, 0.37%, and 0.07%, respectively. As for the major cryptocurrency, Bitcoin saw an uptrend moving from the $42,000 support to its high of $43,375 earlier on Tuesday. Since that time, BTC even managed to pull back to $43,100.
Today was another day for cryptocurrency consolidation. BTC is hovering around support at $43,000. However, analysts believe the asset will resume its uptrend and move further following the upper trajectory. According to the most dare forecasts, BTC can even surpass its previous record and hit another all-time high at $69,000 by the end of 2024.
The recent launch of 11 spot BTC ETFs is one of the major catalysts for the BTC uptrend. The second trigger involves developing the crypto mining industry (specifically in the United States). Bitcoin ETFs started spreading across the national financial advisory. That can also boost the cryptocurrency price.
May the trading luck be with you!