Bitcoin is at a critical juncture, and analysts are divided about the potential impact of interest rate cuts on the market’s direction.
Bitcoin (BTC) has dropped below $60,000, indicating nervousness among the bulls. Bitcoin’s volatility is likely to rise after the interest rate decision by the Federal Reserve on Sept. 18, but it is unlikely to kick start a trending move in either direction. After the initial knee-jerk reaction, the price is likely to settle down, remaining inside the large range between $52,500 and $73,777.
Analysts have different views about the short-term reaction to the rate cuts. BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes expects the markets to drop following the rate cuts as it will “narrow the interest rate differential between the US dollar and the Japanese yen.”
Crypto market data daily view. Source: Coin360
