The Fed's 50 basis point interest rate cut caused Bitcoin to break through $60,000. Is Bitcoin returning to $70,000 soon?

2024/09/19 08:01

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Bitcoin's price fluctuated between $60,000 and $61,000 following the Federal Reserve’s 50bps interest rate cut on Wednesday. This decision surprised some market analysts, as many expected a more moderate 25bps reduction.

source：TradingView

The central bank’s revised dot-plot projections show further rate cuts amounting to 150bps by 2025, while inflation is forecast to drop towards 2.0%. Unemployment is expected to stabilise at its current level through 2026.

Fed cuts rates by 50bps and signals more cuts to come. Dot plot shows the funds rate falling to 4.25-4.5% this year, suggesting one more 50bp move or two 25bp cuts at the two remaining meetings this year. Another 100bps of cuts projected for next year. pic.twitter.com/n6EiGpnnhU
— Colby Smith (@colbyLsmith) September 18, 2024

Fed rate cut could push Bitcoin back to $70,000

The combination of aggressive interest rate cuts, coupled with a generally optimistic economic outlook from the Federal Reserve, suggests a favourable environment for risk assets such as Bitcoin. Lower US yields and a weakening dollar may provide the ideal backdrop for BTC to target $70,000 in the coming weeks, assuming no sharp resurgence in recession fears. US Presidential election uncertainty, however, remains a potential headwind for broader market stability.

Fed’s Powell: Decision Reflects Growing Confidence Strength In Labor Market Can Be Maintained
- Consumer Spending Has Remained Resilient, Labor Market Continued To Cool
- Improving Supply Conditions Have Supported Demand Over Past Year
- Projections Show We Expect GDP Growth To…
— LiveSquawk (@LiveSquawk) September 18, 2024

U.S. election uncertainty brings short-term volatility to Bitcoin price

Following US Presidential elections, markets often rally as uncertainties dissipate. While Kamala Harris is slightly favoured to win, any Republican victory, including that of Donald Trump, is expected to result in a short-term market boost.

In the longer run, Harris’s potentially softer stance on crypto could bring about positive industry developments. Moreover, Bitcoin’s delayed halving effect may further support prices during the final quarter.

Conclusion

Though the current macroeconomic conditions are favourable for Bitcoin’s price trajectory, political uncertainty and other external factors may still impede a smooth rally towards $70,000. With a volatile landscape ahead, caution remains necessary for market participants.

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The Fed's 50 basis point interest rate cut caused Bitcoin to break through $60,000. Is Bitcoin returning to $70,000 soon?

Fed rate cut could push Bitcoin back to $70,000

U.S. election uncertainty brings short-term volatility to Bitcoin price

Conclusion

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