Bitcoin (BTC) price prediction: BTC to crash to $10,000?

Prominent crypto analyst Michael van de Poppe has shared his expectations regarding the upcoming FOMC meeting today with the crypto community

Prominent crypto analyst Michael van de Poppe, based in Amsterdam, has shared his expectations regarding the upcoming FOMC meeting today with the crypto community and made a prediction as to how the Fed decisions that are likely to be announced by chairman Jerome Powell can impact the crypto market.

Poppe seems to expect some positive changes if his expectations about Powell’s speech come true.

Strong move on Bitcoin and altcoins likely to happen

Sharing his take on the upcoming FOMC meeting that is to take place today, analyst Poppe stated that it is important to watch actions that the Fed Reserve would take in the next months. He does not believe that it is likely to implement an interest rate cut. However, “if the trajectory is to quit QT or to provide QE / rate cuts in the next 2-3 months,” Poppe said, he expects Bitcoin and altcoins to start “a strong move”.

Important to monitor what the FED has in mind in the coming months.

I don't think we'll see a rate cut, but if the trajectory is to quit QT or to provide QE / rate cuts in the next 2-3 months, I think we'll see a strong move on #Bitcoin & #Altcoins.

Remember: $DXY already…

— Michael van de Poppe (@MvandePoppe) March 1, 2024

The Bloomberg Terminal X account tweeted that analysts expect the Fed Reserve to “hold rates steady” and “signal one or two cuts this year.” Historically, interest rate cuts have been positive for the crypto market as in this case more liquidity starts flowing into risk assets, including Bitcoin and major altcoins. The Fed chairman Powell is also expected to make comments regarding the US tariff policy today.

FED TO MAKE INTEREST-RATE DECISION; POWELL TO SPEAKThe Fed is expected to hold rates steady Wednesday and signal one or two cuts this year. Powell’s comments may hint at tariff concerns.Latest moves:

— U.S. futures point to slight gains after Tuesday’s tech-led drop.

— Markets await March inflation data.

— Bloomberg Terminal (@Terminal) March 1, 2024

Market participants expect that the Fed Reserve will keep to its present target range for the federal funds rate at 4.25% to 4.50%.

Bitcoin may head back to $10,000: Bloomberg's expert

Mike McGlone from Bloomberg Intelligence has recently been predicting a major decline that he expects the world’s flagship cryptocurrency, Bitcoin, to face this year.

McGlone named a particular price level - $10,000 - where Bitcoin might crash. The expert likened BTC to the dot-com bubble that exploded in the 2000s, leading the Nasdaq 100 index tracking tech giants to collapse by 80% at that time.

McGlone mentioned that gold ETFs are seeing big inflows this year, while investors have been withdrawing funds from spot Bitcoin ETFs. As if to agree with that prediction, the renowned investor Cathie Wood, the founder of Ark Invest, has begun to drop the company’s Meta shares. However, Wood remains a strong believer in Bitcoin’s potential, expecting it to soar as high as $150,000 this year.