Bitcoin Surged to $64k, What’s Next?

Bitcoin’s price increased in the last 24 hours, reaching the $64k mark for a short period of time. Even though the price range is considerably less than its all-time high value, this is the first time Bitcoin recorded the $64k level this month.

The much anticipated US fed rate cut has finally been announced following the FOMC meeting on September 18, 2024. Being the first rate cut in the last four years, the 50 basis point cut is influencing the crypto market prices, causing Bitcoin’s price to shoot past $64,000 today. The price rise opened doors for a bullish market sentiment in the community, making them wonder whether the price rally will continue.

With a 50 basis point cut, the US Fed started its monetary easing in an aggressive way. Additionally, the dot plot of the FOMC indicated some more rate cuts by the end of the year. Another full percentage point in rate cuts and a half point cut are expected to take place in the coming 2 years, suggesting a 2 percentage point cut.

Where might Bitcoin's price be headed next?

Current indicators suggest that Bitcoin is poised for a breakout, aiming for the $70,000 level after forming an inverted head and shoulders pattern. The bullish flag formation is gaining strength, with the trendline around $68,000. A breakout from this channel could spark a new bullish cycle for Bitcoin and the broader cryptocurrency market. Additionally, BlackRock has described the Bitcoin ETF as a ‘unique diversifier,’ leading traders to anticipate further upward momentum, bolstered by BlackRock’s endorsement and solid market fundamentals.

Van de Poppe suggests that the cryptocurrency is following its expected path. He points out that the $66,000 level is a significant resistance point, implying a potential pullback as Bitcoin nears this figure. Nevertheless, he maintains a positive outlook, forecasting that Bitcoin could achieve a new all-time high (ATH) in October.

Botsfolio’s Take:

Senior analyst at Bostfolio says, “I believe that BTC is likely to test the $68k and $75k levels. We need to see a rally in altcoins to foster a broad bullish sentiment in the crypto market, which could help us break the $75k resistance. If BTC achieves this in the next few weeks, it could reach $100k by the end of the year, provided that the presidential elections don’t cause any disruptions and altcoins rally to support overall market sentiment.”