Over the weekend, over 700000 new Bitcoin addresses were generated, indicating strong investor confidence in the asset.Bitcoin (BTC) remained relatively calm last week, consolidating around $35000, with counterfeit currency leading the cryptocurrency market up over the weekend
Over the weekend, over 700000 new Bitcoin addresses were generated, indicating strong investor confidence in the asset.
Bitcoin (BTC) remained relatively calm last week, consolidating around $35000, with counterfeit currency leading the cryptocurrency market up over the weekend.
The Federal Reserve will cut interest rates on March 24th
Last week, the US released lower than expected employment data for October 2023. Therefore, analysts are turning to see the Federal Reserve turning faster than expected before 2024.
Some analysts have begun to hold a higher possibility of the first rate cut as early as March 2024. If this is the case, it will mean a significant rebound in risky assets such as stocks and cryptocurrencies. Interestingly, the next Bitcoin halving also coincides with the same time around April 2024, which may add more momentum to the rise in Bitcoin prices.
According to the CMEFedWatch tool, the likelihood that the central bank will lower the overall interest rate by 25 basis points below the current level at its March meeting has increased from 12.9% on Thursday to 25.9% on Friday.
Federal fund futures show a 66.5% probability that the Federal Reserve will maintain interest rates unchanged during its March meeting.
The likelihood of maintaining interest rates at current levels at the December and January meetings is 95.4% and 89.4%, respectively. The likelihood of two interest rate cuts is zero, while the likelihood of a rate hike in January is 10.3%. Charlie Ripley, Senior Investment Strategist at Allianz Investment Management, stated:
Overall, the employment report may indicate a turning point for the US economy, but more importantly, this data is recognition of the Federal Reserve as it indicates that monetary policy is working and there should be less debate about whether the policy is sufficiently restrictive
Bitcoin price rebound is about to begin
Although Bitcoin has been consolidating at the $35000 level for some time, this may be the calm before the next significant rise in Bitcoin prices. Popular cryptocurrency analyst Ali Martinez reported that over 700000 new BTC addresses were generated in one day, which is an important milestone. The growth of BTC networks is often considered one of the most reliable indicators for price forecasting!
Due to the favorable short-term momentum maintained by Bitcoin, CrediBullCrypto expressed optimism that the asset may continue to shift until reaching the psychologically important threshold of $40000. If this situation occurs, analysts predict that a potential journey towards a new historical high point (ATH) may be within reach.
On the other hand, the capital inflows into the cryptocurrency market exceeded $10 billion last month, indicating strong investor confidence.
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