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The global crypto market cap has surpassed $2 trillion, with a more than 2% increase in the past 24 hours. This surge is buoyed by bullish Bitcoin price predictions, supported by recent decisions from the Federal Reserve indicating a pause in interest rate hikes. Federal Reserve Chair Jerome Powell’s announcement of no further rate hikes has softened the US dollar, leading to a positive impact on Bitcoin prices. While immediate rate cuts are not on the table, the possibility of future adjustments remains open, influencing market dynamics.

Traders are eagerly awaiting the upcoming Non-Farm Payrolls (NFP) report, which is expected to show 243,000 new jobs added in April, with the unemployment rate remaining at 3.8% and a slight decrease in Average Hourly Earnings growth to 4.0% annually. This economic backdrop sets the stage for potential shifts in investor strategy across both currency and crypto markets. The M2 Money Supply, which includes all cash and short-term bank deposits, has shown positive growth year-over-year, signaling bullish prospects for Bitcoin amidst inflation concerns. This surge in liquidity prompts investors to consider assets like Bitcoin that historically perform well during inflationary periods.

Despite consistent sell-side pressure noted by crypto analysis firm Glassnode throughout April, Bitcoin has shown resilience in the market. Although its price dropped 3% over the past 30 days, it was trading around $59,140 at the time of writing. Prominent trader Oliver L. Velez and the crypto trading account InvestAnswers have expressed bullish sentiments, advising followers to view any price dips as buying opportunities and anticipate significant performance gains for Bitcoin. The shift in the M2 Money Supply has reinforced Bitcoin’s stability and invigorated the market with optimistic price predictions, as traders look to hedge against inflation.

Arthur Hayes, former CEO of BitMEX, predicts a steady increase in Bitcoin’s price to $70,000, signaling optimism for the cryptocurrency’s future. Hayes suggests that Bitcoin may have found its local bottom, stabilizing between $60,000 and $70,000 until August. Market influences such as U.S. tax season pressures, anticipation of FOMC meeting outcomes, and reactions to the upcoming Bitcoin halving event, along with economic factors like the Federal Reserve tapering quantitative tightening and increased U.S. Treasury debt issuance, suggest a favorable outlook for cryptocurrencies. Industry experts like Jeff Ross from Vailshire Capital Management and analysts at MatrixPort also see the potential for a bullish phase following Bitcoin’s typical post-halving sideways movement.

Overall, the market is poised for positive growth, with Bitcoin expected to see a bullish trend as liquidity increases and traders seek to hedge against inflation. With the Federal Reserve’s decision to pause interest rate hikes and the M2 Money Supply indicating positive growth, Bitcoin’s stability and performance are reinforced. Expert predictions from figures like Arthur Hayes further support the idea of Bitcoin reaching $70,000, with a favorable outlook for cryptocurrencies in the coming months. Traders are advised to monitor market dynamics and consider buying opportunities as Bitcoin continues to show resilience in the face of changing economic conditions.

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