U.Today - Prominent crypto analyst Michael van de Poppe, based in Amsterdam, has shared his expectations regarding the upcoming FOMC meeting today with the crypto community and made a prediction as to how the Fed’s decisions, likely to be announced by Chairman Jerome Powell, can impact the crypto market.
Poppe seems to expect some positive changes if his expectations about Powell’s speech come true.
Strong move on Bitcoin and altcoins likely to happen
Sharing his take on the upcoming FOMC meeting that is to take place today, analyst Poppe stated that it is important to watch actions that the Federal Reserve takes in the next few months. He does not believe that it is likely to implement an interest rate cut. However, “if the trajectory is to quit QT or to provide QE / rate cuts in the next 2-3 months,” Poppe said, he expects Bitcoin and altcoins to start “a strong move.”The Bloomberg Terminal X account tweeted that analysts expect the Federal Reserve to “hold rates steady” and “signal one or two cuts this year.” Historically, interest rate cuts have been positive for the crypto market as, in this case, more liquidity starts flowing into risk assets, including Bitcoin and major altcoins. Fed Chairman Powell is also expected to make comments regarding U.S. tariff policy today.
Market participants expect that the Fed will keep to its present target range for the federal funds rate, at 4.25% to 4.50%.
Bitcoin may head back to $10,000: Bloomberg expert
Mike McGlone from Bloomberg Intelligence has recently been predicting a major decline that he expects the world’s flagship cryptocurrency, Bitcoin, to face this year.McGlone named a particular price level - $10,000 - to which Bitcoin might crash. The expert likened BTC to the dot-com bubble that exploded in the 2000s, leading the Nasdaq 100 index, which tracked tech giants, to collapse by 80% at that time.
McGlone mentioned that gold ETFs are seeing major inflows this year, while investors have been withdrawing funds from spot Bitcoin ETFs. As if to agree with that prediction, renowned investor Cathie Wood, the founder of Ark Invest, has begun to drop the company’s Meta shares. However, Wood remains a strong believer in Bitcoin’s potential, expecting it to soar as high as $150,000 this year.