Zerocap: Bitcoin price trend is difficult to predict after the Fed’s interest rate decision, may fall to $53,000 or rise to $65,000

Australian crypto trading firm Zerocap says Bitcoin is “difficult to predict” and could fall to $53,000 or rise to $65,000 after the Federal Reserve’s rate decision on September 18. Zerocap Chief Investment Officer Jonathan de Wet said the market now expects a 62% chance that the Fed will cut interest rates by at least 50 basis points (0.5%), which has contributed to Bitcoin’s brief rally to $60,000 on September 13. However, Wet said that price action is “difficult to predict” due to lingering uncertainty about the impact of rate cuts in the short term, and the instability of the upcoming US election in November will only complicate the situation further, “After the recent range low, we see BTC with a downside target of $53,000 and an upside target of $65,000 after breaking out of the descending wedge.” He added: “It is difficult to predict the direction until the election is close, but the risk profile should lead to positive sentiment in the short term.” (Cointelegraph)