Key Points
- The price of Bitcoin reached a new all-time high following Donald Trump’s victory and is now awaiting the FOMC meeting outcome.
- Analysts predict a potential rally of Bitcoin price to $100K with Bitcoin whales accumulating more.
After Donald Trump’s win, the price of Bitcoin hit a record high, surpassing $75,000. It is currently consolidating around these levels. The focus is now on the upcoming FOMC meeting, where Jerome Powell, the Fed chair, will discuss inflation and future plans.
Anticipated Market Volatility
Bitcoin and the wider crypto market are expected to experience volatility as the Federal Reserve is set to announce rate cuts. Market analysts predict a 0.25% interest rate cut, which will likely cause fluctuations in crypto and other risk assets. The CME Group’s FedWatch Tool currently shows a 97.4% probability of this rate cut. Jerome Powell will make a statement and hold a press conference after the meeting.
Some analysts foresee a sudden reaction in Bitcoin price. Andrea Capellini shared on the X platform that she expects a move towards the $77-77.5K area, followed by a retracement due to market makers de-risking ahead of the FOMC meeting.
Bitcoin’s Strong Demand
The BTC/USD pair continues to see strong demand even after the US election excitement has subsided. According to trader Skew, this is a key factor driving the market, which was previously missing. He wrote, “Strong spot flows today have lifted price towards new ATHs & through multi-month supply zone ($73K) & Further signs of a major shift taking place in the underlying market.”
Now that Bitcoin is in the price discovery zone, some analysts predict a potential rally to $100K. The recent price gains have fueled increasingly bullish predictions about Bitcoin’s potential rise. The breakout from an eight-month consolidation channel has prompted market participants to consider even higher targets.
Meanwhile, Bitcoin whales have started accumulating again. Two major Bitcoin whales accumulated 1,897 BTC, worth approximately $142.6 million, from Binance in the past six hours. This happened as Bitcoin’s price slightly dipped from its new all-time high.
One whale withdrew 1,225 BTC, valued at $92.2 million, at a price of $75,226. This whale now holds 1,775 BTC, worth $133.4 million, with an unrealized profit of $2.56 million. Another whale withdrew 671.74 BTC, totaling $50.4 million, at a price of $75,080. These transactions occurred as Bitcoin continues to perform strongly after reaching its recent all-time high.
