Bitcoin has surged past $63,000, with bullish momentum driven by the U.S. Federal Reserve's rate cuts. While some correction may be on the horizon, experts believe this is a prime opportunity for investors to buy the dip before the next rally.
With multiple signals of a trend reversal, both Bitcoin and altcoins are gearing up for potential major gains. Could this be the start of the next big bull market? Find out the latest insights and predictions.
Bitcoin Price Breaks $63,000
On September 20, 2024, Bitcoin (BTC) broke through the $63,000 mark. After briefly nearing $64,000, the price experienced a slight dip, but as of the time of writing, BTC is holding steady in the $62,000 range.
This has sparked optimism in the crypto community, with many anticipating further upward momentum.
The recent price spike is largely attributed to the U.S. Federal Reserve's announcement of a 0.5% interest rate cut. With expectations of further cuts, many in the cryptocurrency market are predicting continued price increases for Bitcoin.
Michael van de Poppe, a renowned analyst with over 725,000 followers on X (formerly Twitter), commented on September 19 that while some correction may continue before the next leg up, Bitcoin has been trending upward since Fed Chair Jerome Powell’s statement.
He emphasized, "There is plenty of room to buy the dip."
In a chart shared by van de Poppe, BTC is shown potentially dipping to the support level around $57,000, after which he expects it to resume its upward trajectory.
Could the Fed’s Rate Cuts Signal a Bull Market?
Speculation about Bitcoin rising in response to Fed rate cuts is not new. Robert Kiyosaki, author of the best-selling book Rich Dad Poor Dad, shared on September 15 that he expects BTC, gold, and silver prices to soar if the Federal Reserve cuts rates.
Kiyosaki explained that rate cuts would cause capital to flow out of "fake assets" like U.S.
Treasury bonds and into tangible assets such as gold, silver, Bitcoin, and real estate. Recently, several signs of a trend reversal have emerged for Bitcoin, and many are predicting that the next three months leading into the end of 2024 will see a continued price increase.
This recent small dip is seen by many as an opportunity for buying the dip.
In addition to Bitcoin, there are several signals pointing toward price gains in the altcoin market as well. Some altcoins have already recorded price increases of over 10% in the past 24 hours, leading to growing excitement that an "altcoin season" may soon be upon us.
>> Check other price forecasts in order of new arrival
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