ChainCatcher reported that according to Cointelegraph, Australian crypto trading company Zerocap said that Bitcoin is "difficult to predict" and that Bitcoin may fall to $53,000 or rise to $65,000 after the Federal Reserve decides on interest rates on September 18.
Jonathan de Wet, chief investment officer at Zerocap, said the market now expects a 62% chance that the Federal Reserve will cut interest rates by at least 50 basis points (0.5%), which has contributed to Bitcoin's brief rebound to $60,000 on September 13.
However, Wet said price action is “difficult to predict” due to lingering uncertainty about the impact of rate cuts in the short term, and the instability of the upcoming US election in November will only complicate the situation further. “After the recent range low, we see BTC with a downside target of $53,000, and an upside target of $65,000 after breaking out of the descending wedge.”
He added: “It’s hard to predict direction until closer to the election, but the risk profile should lead to positive sentiment in the short term.”
