The most critical day of this week has arrived and the US Federal Reserve (FED) will announce its interest rate decision for October this evening.
While the FED is expected to announce its October decision at 21:00 Turkish time, a 25 basis point interest rate cut is considered certain.
While this decision was eagerly awaited by Bitcoin (BTC) and cryptocurrency investors, the BTC price retreated slightly with sales from the $116,000 level before the FOMC meeting.
Experts interpret this decline as a normal correction before the FOMC meeting, and believe that “Bitcoin's recovery potential could increase if Powell maintains a dovish stance, but if interest rates remain steady or a hawkish stance emerges, short-term corrections could deepen.”
At this point, while Bitcoin was hovering around $112,000-$113,000 before the meeting, it was stated that the FOMC results would be the main factor determining the short-term direction.
What is the Expectation for Bitcoin?
Popular analyst Ali Martinez predicted that Bitcoin could reach $143,000 in the medium term if it breaks above $120,000. He noted that there's a gap between $120,000 and $143,000, and that if Bitcoin breaks above $120,000, the price could rise to $143,000.
Veteran analyst Michaël van de Poppe also described the recent decline as a normal pre-FOMC correction. Poppe said that as long as Bitcoin maintains the $112,000 level as support, upward momentum remains viable. He added that if BTC breaks through the $115,600-$116,200 resistance band, a new upward momentum could begin.
“Bitcoin is trading above both the 50-day and 200-day moving averages and remains in an uptrend,” FxPro analyst Alex Kuptsikevich told Coindesk. “After recovering from the $108,000 support level, the $117,000-$120,000 range will now act as strong resistance for Bitcoin.”
Finally, BRN analyst Timothy Misir said that according to the cost-based heat map, $117,000 is a strong resistance level for Bitcoin, while $111,000-112,000 is a strong support level.
Misir argued that a decisive break above Bitcoin's resistance could trigger the next bullish wave. Conversely, he added that a failure to hold the support levels could lead to a deeper correction below $110,000.
*This is not investment advice.
