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>>Bitcoin price prediction: Analyst warns of potential decline before the Federal Reserve announcement.

Bitcoin price prediction: Analyst warns of potential decline before the Federal Reserve announcement.

crypthub

1 day ago

Bitcoin's Recent Performance

Bitcoin's price recently dipped below $120,000 due to short-term profit-taking, although it quickly rebounded to $121,000. Steady inflows into US spot Bitcoin ETFs have helped sustain medium-term optimism within the market. Despite the volatility, Bitcoin’s upward trajectory is anticipated, linked to October and potential Federal Reserve interest rate reductions.

Altcoin Declines and Market Trends

Several altcoins, including Ethereum (ETH), Solana (SOL), XRP (XRP), Dogecoin (DOGE), and Cardano (ADA), also experienced notable declines alongside Bitcoin. Analyst Alex Kuptsikevich suggests a possible correction in the $107,000 to $115,000 range before the Fed's decision. Strong buying in this range could lead to another attempt to surpass $125,000.

Market Analysis and Outlook

CryptoQuant reports a decrease in selling pressure within the derivatives market compared to the previous month. Continued ETF inflows indicate that short-term corrections might be a process of confirming buying demand. The firm noted that this reaffirms demand, despite recent fluctuations.