Rally

Bitcoin

Rekt

Coin

<p>Bitcoin and the broader crypto market staged a strong recovery breaking out from potential resistance. This was soon after Fed Chairman Jerome Powell’s clear indication the about upcoming <a href="https://economictimes.indiatimes.com/markets/cryptocurrency/cryptocurrency-prices-on-august-23-bitcoin-trades-above-61200-ahead-of-fed-chair-jerome-powells-speech-in-jackson-hole/articleshow/112736888.cms?from=mdr" target="_blank" rel="noreferrer noopener">interest rate cuts </a>after the Jackson Hole meeting on Friday. </p> 
<p>The <a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/">Bitcoin</a> price is up 5% shooting all the way past $64,000 levels. However, with the broader market cheering this move, it is too early to call for the start of the next bull run. </p> 
<h2 class="wp-block-heading" id="h-will-bitcoin-price-rally-continue-beyond-70-000">Will Bitcoin Price Rally Continue Beyond $70,000?</h2> 
<p>Blockchain analytics platform QCP Capital stated that the Powell speech yesterday proved to be a major catalyst for the much-awaited Bitcoin price recovery. However, it notes that rate cuts are certainly coming in September, but Powell hasn’t commented on how much.</p> 
<p>Of course, a 25 bps rate cut would be bullish, but market analysts have been expecting a 50 bps rate cut considering the slowdown in the economy. Thus, if the actual Fed rate cut comes at 50 bps, it shows that the central banks taking acute actions to prevent the economy from falling flat.</p> 
<p>QCP Capital also noted that last night’s Bitcoin price rally was largely spot-driven as funding continues to remain flat. It also said that BTC has returned to its comfortable range of $61,000 to $70,000 with the selling pressure dropping gradually.</p> 
<p>Furthermore, the platform highlighted consistent inflows into spot Bitcoin ETFs over the past week and more. After the Fed rate cut hints on Friday, the total inflows into spot Bitcoin ETFs yesterday were $251 million, a 4x surge from its previous day’s inflows.</p> 
<p>While next week’s Nvidia earnings and the potential September rate cut are significant, QCP Capital believes that Bitcoin will likely remain within this range until Q4. They believe that the upcoming elections coupled with bullish seasonality could be the catalyst to push Bitcoin to new all-time highs. </p> 
<p>Popular crypto analyst Rekt Capital explained that the BTC price will enter a new cluster of price-range, the moment it breaks $65,000.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a><br><br>The moment Bitcoin breaks $65,000 (blue) is the moment Bitcoin will form a new red cluster of price action<br><br>Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/vynTNEVdI2">https://t.co/vynTNEVdI2</a> <a href="https://t.co/91pb0ArJER">pic.twitter.com/91pb0ArJER</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1827270028166582409?ref_src=twsrc%5Etfw">August 24, 2024</a>
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<h2 class="wp-block-heading" id="h-fed-rate-cuts-and-us-recession-history">Fed Rate Cuts and US Recession History</h2> 
<p>While the market is cheering for the upcoming Fed rate cuts and the supposed inflow of liquidity, there’s more to it than what meets the eye. Popular financial analyst Kurt S. Altrichter flashed a cautionary warning about the U.S. economy highlighting the obvious signals of an impending recession.</p> 
<p>The analyst stated that every time the market spots an inverted yield curve along with the flattening Fed fund rates, the economy is on a trajectory of recession. He said that as soon as the Fed begins to cut rates and the yield curve turns positive, it is on the verge of a recession. </p> 
<p>According to Altrichter, the current market situation has an 85% correlation to the situation seen in 2007, just before the 2008 financial crisis.</p> 
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   <p lang="en" dir="ltr">Every time we see an inverted yield curve paired with a flattening Fed funds rate, the U.S. economy is heading into a recession.<br><br>When the Fed starts cutting rates and the yield curve flips positive, we're on the brink of a recession and a major market crash.<br><br>This market… <a href="https://t.co/YLWM4XKxew">pic.twitter.com/YLWM4XKxew</a></p>— Kurt S. Altrichter, CRPS® (@kurtsaltrichter) <a href="https://twitter.com/kurtsaltrichter/status/1827009671065940368?ref_src=twsrc%5Etfw">August 23, 2024</a>
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<p>The post <a href="https://www.thecoinrepublic.com/2024/08/24/can-bitcoin-rally-beyond-70000-amid-fed-rate-cut-hopes/">Can Bitcoin Rally Beyond $70,000 Amid Fed Rate Cut Hopes?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Can Bitcoin Rally Beyond $70,000 Amid Fed Rate Cut Hopes?

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