FOMC

Bitcoin

Rise

<![CDATA[<figure class="image"><img src="https://cimg.co/news/125065/330375/adobestock-518042103-medi.jpeg" alt="" srcset="https://cimg.co/news/125065/330375/responsive-images/adobestock-518042103-medi___media_library_original_6000_4000.jpeg 6000w, https://cimg.co/news/125065/330375/responsive-images/adobestock-518042103-medi___media_library_original_1200_800.jpeg 1200w, https://cimg.co/news/125065/330375/responsive-images/adobestock-518042103-medi___media_library_original_900_600.jpeg 900w, https://cimg.co/news/125065/330375/responsive-images/adobestock-518042103-medi___media_library_original_720_480.jpeg 720w, https://cimg.co/news/125065/330375/responsive-images/adobestock-518042103-medi___media_library_original_600_400.jpeg 600w, https://cimg.co/news/125065/330375/responsive-images/adobestock-518042103-medi___media_library_original_300_200.jpeg 300w" sizes="100vw" width="6000" class="content-img"><figcaption>Source: Adobe Stock</figcaption></figure>Crypto analyst&nbsp;Jason Pizzino&nbsp;has suggested that the cryptocurrency market is on the cusp of a bull run.&nbsp;In a&nbsp;<a href="https://www.youtube.com/watch?v=mlPQj32U6jw">recent&nbsp;YouTube&nbsp;video</a>, Pizzino claimed that the market is showing strength and potential for growth similar to previous cycles."This is the beginning of a bull market just like it happened the previous cycle and the previous cycle before that. The beginnings aren't always as clear."&nbsp;He emphasized that once the market becomes clear and retail investors jump in, it means the end of the early stages of a bull market.<blockquote>"Once things become clear, that&rsquo;s the end. That&rsquo;s when retail is in. That&rsquo;s when everyone else is excited to get into the market because everyone else sees the same thing."</blockquote><h2 id="bitcoin-needs-to-surpass-28-500-to-confirm-bull-market">Bitcoin Needs to Surpass $28,500 to Confirm Bull Market</h2>Pizzino claimed that Bitcoin's confirmation of the bull market cycle would be more convincing if it surpassed the crucial $28,500 level.&nbsp;He noted that&nbsp;<a href="https://cryptonews.com/coins/bitcoin/">Bitcoin (BTC)</a>&nbsp;has spent minimal time below $25,000 and has maintained its position above this level for the past six months.&nbsp;However, Pizzino stressed that the bulls have more work to do and need to see consistent weekly closes above $26,550 to gain further momentum."I can start to toot it when we get back above the white line here at $28,500," he said.<blockquote>"That&rsquo;s pretty much one of those key levels for Bitcoin to start to consolidate above and put in those continued higher lows to then look to attempt to break $32,000."</blockquote>As of the time of writing, Bitcoin is trading at around $26,600, showing a nearly 3 percent increase over the past seven days.&nbsp;<h2 id="crypto-traders-await-fomc-rate-rise-decision">Crypto Traders Await FOMC Rate Rise Decision</h2>Pizzino's analysis comes as crypto market participants were eagerly awaiting the coming week&rsquo;s key macroeconomic event from the United States Federal Reserve.On September 20, the&nbsp;Federal Open Market Committee (FOMC)&nbsp;will decide benchmark interest rates, with markets overwhelmingly expecting them to remain unchanged.According to the&nbsp;<a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?mod=livecoverage_web">CME FedWatch Tool</a>, the probability of a pause stood at 97% after the data were released, which showed the consumer price index rose 0.6% in August, its biggest monthly gain of 2023."FOMC and Interest Rate decisions should induce some volatility, but BTC will likely continue to trade within $25k - $27k in the short-term&hellip;,&rdquo; popular trader Crypto Santa said in a recent comment on X (formerly Twitter).<figure class="media"><oembed url="https://twitter.com/Blockchainsanta/status/1703043342001701258?s=20"></oembed></figure>Meanwhile, fellow trader Crypto Tony highlighted two potential scenarios, with $26,000 holding as support.&ldquo;I am still looking for that dip down to $26,100 and a bounce for a long trigger,&rdquo; he&nbsp;<a href="https://twitter.com/CryptoTony__/status/1703297733912658064">told</a>&nbsp;X subscribers.<blockquote>&ldquo;Either that or if we just reclaim $26,600 highs i will look to long.&rdquo;</blockquote>
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Crypto Analyst Predicts Market is Gearing Up For a Bull Run

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Cryptonews.com

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