Cryptocurrency Prices Surge After Federal Reserve Hints at Disinflation: Analyst Predicts Further Explosive Crypto Moves
- Shams ul Zoha
- February 2, 2023
- 4:52 pm
WHAT YOU SHOULD KNOW
- On Wednesday evening, major coins traded in the green following Federal Reserve Chairman Jerome Powell’s comments suggesting a potential disinflation period.
- ARK Invest continues to be confident in its forecast that the price of bitcoin will reach more than $1 million by 2030.
On Wednesday evening, major coins traded in the green following Federal Reserve Chairman Jerome Powell’s comments suggesting a potential disinflation period. The global market capitalization rose 3.91%, hitting $1.09 trillion at 8:30 p.m. EST.
Bitcoin, the largest cryptocurrency by market value, was trading at $24,001, while Ethereum was trading at $1,680, a 5.96% increase in the last 24 hours.
Dogecoin (DOGE/USD) saw an increase of 0.08% in the last 24 hours, bringing its price up to $0.094.
On Wednesday, U.S. stocks experienced a surge in value after Federal Reserve Chairman Jerome Powell suggested that the deflationary process has started. The Nasdaq Composite rose 2%, while the S&P 500 and the Dow Jones Industrial Average (DJIA) increased by 1.5% and 0.02%, respectively.
ARK Invest is confident in its forecast that the price of bitcoin will reach more than $1 million by 2030, even amid a tumultuous 2022.
Following the Federal Reserve’s announcement that policy will remain restrictive for the foreseeable future, Bitcoin prices initially declined. This was due to a decrease in risk appetite, which weighed on the crypto market. However, if inflation continues to decline steadily, this could bolster the bullish outlook for Bitcoin.
Edward Moya, a senior analyst at OANDA, noted that Federal Reserve Chairman Jerome Powell’s lack of concern over the recent easing of financial conditions enabled traders to return to risky assets. Moya added that Bitcoin will face significant resistance at the $24,000 level, but if it is broken, momentum traders may try to drive the price up to the $26,500 region.
Kaleo, a crypto analyst, predicted that Bitcoin’s next move would be so powerful that it will push the price range above $24,000 to a higher range of $28,000 to $30,000. Michaël van de Poppe has identified $23,300 as the key support level for Bitcoin. He predicted that the sweep would cost $22.3K and that $21.6K might be a possible test.
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