Bitcoin (BTC) continues to soar, surpassing the $70,000 mark and inching closer to its all-time high. With each passing day, the question on everyone’s mind is: will it shatter its previous record and make history once again this week?
Will Bitcoin Soar or Plunge? The current price of $70,044 (BTC/USD) has the crypto world on edge, teetering between a potential drop below $70K or a triumphant climb to its all-time high. Brace yourself for the ultimate reveal as the FOMC meeting minutes, set to be unveiled today, hold the key to Bitcoin’s fate in the coming days.
We expect the meeting to focus on the timing of potential interest rate cuts, possibly in September or delayed until next year. We’ll also hear about inflation, which has decreased since last month, boosting both the crypto and stock markets.
Bitcoin’s trade volume is taking a nosedive following its recent surge, sparking concerns of a potential plummet. With the coin’s value at risk of dropping below $70K, its chances of breaking its record this week seem uncertain. However, amidst the uncertainty, there is still hope for a short-term bullish run. The recent spike in interest and activity surrounding Bitcoin has proven its ability to quickly shift gears and thrive in a volatile market, even amidst high inflation.
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Our Prediction for Bitcoin Price
The cryptocurrency king is set to break its own record and skyrocket past $74,000 in just a week. The latest news on optimistic inflation and the approval of spot ether ETF by the US Securities and Exchange Commission have set the stage for this historic surge.
But the excitement doesn’t end there. All eyes are now on the upcoming FOMC meeting, as the Federal Reserve’s stance could further boost Bitcoin’s chances of reaching a new all-time high.
Could Bitcoin’s meteoric rise continue, with a potential $100,000 price tag in sight this year? The excitement is palpable as experts predict the coin could soar as high as $80K by July, setting the stage for a monumental $100,000 milestone by the end of the year.
While some may dream of even greater heights, reaching $150,000 by 2024 may not be in the cards just yet. But with government support for cryptocurrency on the rise, who knows what the future holds?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.