<ul> 
 <li>Bitcoin (BTC) price has been facing massive volatility as macroeconomic policies keeps impacting investor sentiment.</li> 
 <li>Amid the uncertainties, the possibility of BTC hitting the $35,000 price target is high.</li> 
</ul> 
Bitcoin (BTC), the world’s largest crypto, has experienced a roller coaster ride in its price volatility in recent months. However, the newest challenges presented by the hawkish stance of both Jerome Powell, the Chairman of the United States Federal Reserve, and Christine Lagarde, President of the European Central Bank (ECB), have introduced a new degree of uncertainty for Bitcoin investors. 
One of the main factors influencing Bitcoin’s price is the monetary policies being pursued by Central Banks worldwide. Powell, in his role as the Chair of the Federal Reserve, has recently <a href="https://twitter.com/i/broadcasts/1lDxLnyyEdRGm" target="_blank" rel="noopener">expressed</a> a renewed commitment to raising interest rates in response to a strong labor market and persistent inflationary pressures. 
Following a <a href="https://www.crypto-news-flash.com/fed-chair-powell-signals-temporary-pause-fueling-bitcoin-ethereum-and-altcoin-rally/" target="_blank" rel="noopener">brief break</a> in June, Powell’s recent remarks highlight the Federal Reserve’s willingness to follow through with the subsequent rate hike approach. 
Similarly, ECB’s President Lagarde has <a href="https://twitter.com/ecb/status/1677195882976931841" target="_blank" rel="noopener">expressed</a> concerns about inflation levels exceeding the 2% target. Lagarde’s emphasis on inflation exceeding the ECB’s 2% target highlights the issues that the European economy is facing. 
The 5.5% inflation rate raises concerns about decreasing purchasing power, decreased consumer confidence, and possibly economic instability. In response, Lagarde stated that the ECB may consider hiking interest rates in 2024 to combat inflationary pressures. 
While acknowledging the current inflationary challenges, Lagarde has provided a positive outlook for regional economic development for the foreseeable future. She predicted that economic growth in the EU will pick up in 2024-2025, with growth of roughly 0.9% expected for this year. This forecast suggests the possibility of improved business conditions, increased investment, and increased consumer spending. 
<h3 id="b-can-bitcoin-btc-still-reach-the-coveted-35-000-level-b">Can Bitcoin (BTC) Still Reach the Coveted $35,000 Level?</h3> 
The anticipation of a rate hike can have a particularly negative impact on Bitcoin, which is frequently regarded as a speculative asset class. Interest rate increases may make traditional assets more tempting, pulling capital away from Bitcoin. Furthermore, increased interest rates can raise the opportunity cost of keeping Bitcoin, potentially leading to a drop in demand. 
Crypto analysts Michael van de Poppe and Rekt Capital projected that Bitcoin (BTC) dominance may experience a short-term pullback after reaching historically higher levels. This pullback could contribute to a recovery in altcoins, potentially providing trading opportunities for investors. 
Despite the challenges posed by hawkish monetary policies and regulatory concerns, Bitcoin’s price could still reach $35,000 or even surpass it. Notably, the inflows of crypto assets over two consecutive weeks and the monthly Moving Average Convergence Divergence (MACD) turning green indicates a positive outlook for Bitcoin’s price. 
Bitcoin, <a href="https://www.crypto-news-flash.com/currencies/bitcoin" target="_blank" rel="noopener">currently</a> trading at $30,261.77 has demonstrated resilience in the face of various challenges throughout its existence. If the crypto community continues to innovate, improve scalability, and address regulatory concerns, investor confidence may be strengthened, leading to renewed buying interest and a potential price surge. 
Additionally, as more institutional players including <a href="https://www.crypto-news-flash.com/blackrock-leaps-ahead-in-the-race-for-bitcoin-spot-etf-domination/" target="_blank" rel="noopener">BlackRock</a>, Invesco, and <a href="https://www.crypto-news-flash.com/3-9t-asset-manager-fidelity-officially-files-application-for-spot-bitcoin-etf-will-it-propel-btc-price-to-new-ath-of-100000-report/" target="_blank" rel="noopener">Fidelity Investments</a> enter the market and allocate funds to Bitcoin, it could increase demand and push the price higher, solidifying the price projection.

Hawkish Powell and Lagarde Put Pressure on Bitcoin: Can BTC Price Still Reach $35,000?

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