Bitcoin $96,738.3A significant movement in the price of (BTC) is expected to occur before the US Federal Open Market Committee (FOMC) meeting to be held on January 29. Head of Research at 10x Research Markus ThielenAccording to , the fact that the largest cryptocurrency is moving in a narrowing triangle formation indicates that the price will soon experience an upward or downward break. “Bitcoin will most likely choose a direction from the current level of $96,794 before the FOMC meeting on January 29,” said Thielen, adding that they based all guidance on technical analysis.
How Could the FOMC Meeting Affect Bitcoin’s Price?
Thielen will be announced today at 16.30 GMT Consumer Price Index He pointed out that expectations regarding (CPI) data have increased. “If inflation data comes in lower than expected, it could trigger a rally in Bitcoin,” he said.
The FOMC meeting on January 29 is an important date when the first interest rate decision of 2025 will be announced. cryptocurrency marketThe decision of the US Federal Reserve (Fed) in December was considered one of the most hawkish tones of recent times. According to Bitfinex’s report Jerome PowellThe messages given at the press conference in December indicate that “the expected interest rate cuts in 2025 will be less.”
bitfinexattracts the attention of cryptocurrency market players CME FedWatch ToolHe also pointed out that he turned it into . According to the data provided by the tool, the probability of no interest rate reduction in the first half of the year is 38.3 percent.
Election Period Uncertainty in Bitcoin’s Price
Thielen, Bitcoin’s price Donald TrumpHe noted that ‘s may consolidate before the start of the US presidential term. “Due to weak market dynamics, the price of Bitcoin will most likely move in a narrow band until mid-March,” he added.
In other news, cryptocurrency analyst Lark Davis He drew attention to historical data. In an X post dated January 14, Davis noted that Bitcoin had similar price movements ahead of the 2021 Presidential Election. Davis, Joe BidenEmphasizing that the price dropped to 30 thousand dollars before he took office and then increased to 55 thousand dollars, he said, “Even though history does not do exactly the same things, it is generally similar.”
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
