FOMC

Jerome Powell

Bitcoin

The Federal Open Market Committee (FOMC) meeting is due today and the crypto market is keenly eyeing every update that comes up. The Fed might introduce a rate cut or pause, both of which could be beneficial for the crypto space, according to multiple analysts. However, a renowned crypto analyst suggested that the <a href="https://coingape.com/news/liveblog/us-fomc-meeting-news-live-today-jerome-powell-speech-federal-reserve-interest-rates-latest-updates" target="_blank" rel="noopener">FOMC meeting</a> could bring extreme volatility to the market and the Bitcoin (BTC) <a href="https://coingape.com/glossary/bitcoin/" target="_blank" rel="noopener">Bitcoin (BTC)</a> price could even lose 30% in value. 
<h2 id="will-bitcoin-plunge-30-after-fomc-meeting">Will Bitcoin Plunge 30% After FOMC Meeting?</h2> 
Sheldon The Sniper, a crypto analyst and YouTuber, noted that the FOMC meeting will lead to increased volatility in the digital currency market. In addition, the content creator stated that he could spot a “weakness” in the Bitcoin price chart, which could lead to a massive correction. 
In a post on X, the crypto analyst hinted at a 20-30% pullback for Bitcoin in the coming days. Thereafter, Sheldon went <a rel="nofollow" href="https://www.youtube.com/live/k-J2KBtWbu4?si=iwccNC4J-J2nsZX1" target="_blank">live</a> on YouTube and underscored the reasons behind the Bitcoin price correction. He analyzed the 4-hour price graph of Bitcoin and noted that if the hourly candle closes below $42,000, it could be an early sign of a major crash. 
In addition, the YouTuber stated that massive Bitcoin liquidations can be spotted on the Heatmap, which could further push the crypto’s value down. Moreover, the volatility introduced via the <a href="https://coingape.com/fomc-meeting-2024-date-what-to-expect-and-its-impact-on-crypto-market/" target="_blank" rel="noopener">FOMC meeting</a> could play a catalyst in the scenario. 
On the other hand, FlameseN, another technical analyst, cautioned Bitcoin leverage holders and asked them to stay alert when the Fed decision comes in. He noted that keeping a check on volatility is paramount to minimize losses. Furthermore, the analyst noted that Bitcoin is “currently holding the Mid-Range &amp; 6h 200SMA.” Whilst, he warned against a potential retest if the value extends below this level. 
In addition, Michaël van de Poppe, a crypto insights provider, stated that he expects the Bitcoin price to range between $38,000 to $48,000 in the short term. Moreover, he predicted a potential pullback, aligning with other analysts’ opinions. Poppe took to X and wrote, “Probably a correction in the short-term after which a slight pre-halving rally to $48K seems likely.” 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GFJ8FAQXkAAF_CX?format=png&amp;name=large" alt="Image" width="752" height="396"> 
Also Read:&nbsp;<a href="https://coingape.com/robert-kiyosaki-slams-jerome-powell-janet-yellen-amid-bitcoin-advocacy/" target="_blank" rel="noopener">Robert Kiyosaki Slams Jerome Powell &amp; Janet Yellen Amid Bitcoin Advocacy</a> 
<h2 id="how-will-ethereum-react-to-the-fed-decision">How Will Ethereum React To The Fed Decision?</h2> 
In the aftermath of yesterday’s squeeze, Ethereum (ETH) faced a significant rejection around the $2,400 resistance after a substantial range deviation. Notably, a renowned crypto analyst Josh provided insights, expressing a bearish sentiment as long as prices remain below the critical $2400 level. 
While the looming FOMC event is expected to induce slight volatility, Josh anticipates that another Fed rate pause may already be priced into the market. In line with the analyst’s prediction, the <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener">ETH price</a> is already down 0.99% to $2,303.81 ahead of the FOMC meeting results. 
Also Read:&nbsp;<a href="https://coingape.com/bitcoin-price-how-will-the-fomc-meeting-impact-btc/" target="_blank" rel="noopener">Bitcoin Price: How Will The FOMC Meeting Impact BTC?</a> 
The post <a href="https://coingape.com/fomc-meeting-bitcoin-price-to-slump-30-after-fed-decision/">FOMC Meeting: Bitcoin Price To Slump 30% After Fed Decision?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

FOMC Meeting: Bitcoin Price To Slump 30% After Fed Decision?

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