{"id":23205,"date":"2023-06-15T19:56:17","date_gmt":"2023-06-15T23:56:17","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bitcoin-price-prediction-as-fed-chair-powell-says-may-be-a-couple-of-years-before-rates-can-be-cut-will-btc-crash-to-20000-soon\/"},"modified":"2023-06-15T19:56:19","modified_gmt":"2023-06-15T23:56:19","slug":"bitcoin-price-prediction-as-fed-chair-powell-says-may-be-a-couple-of-years-before-rates-can-be-cut-will-btc-crash-to-20000-soon","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=23205","title":{"rendered":"Bitcoin Price Prediction as Fed Chair Powell Says May Be a ‘Couple of Years’ Before Rates Can Be Cut \u2013 Will BTC Crash to $20,000 Soon?"},"content":{"rendered":"
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As Bitcoin continues its volatile journey, the latest statement from Federal Reserve Chair Jerome Powell has sparked concerns among investors.<\/p>\n

Powell’s remarks suggesting that it may be a “couple of years” before interest rates can be cut have left many questioning the future trajectory of Bitcoin’s price.\u00a0<\/p>\n

With this uncertainty looming, there are growing speculations about a potential crash that could drive Bitcoin’s value down to $20,000.\u00a0<\/p>\n

As the crypto market eagerly awaits further developments, the question remains: Will Bitcoin face a significant downturn in the near future?<\/p>\n

US Federal Reserve Holds Interest Rates After 10 Consecutive Increases; More Hikes Expected<\/strong><\/h2>\n

The US Federal Reserve has chosen to maintain the federal funds rate at its current level this month, following a string of 10 consecutive rate hikes since March 2022.\u00a0<\/p>\n

The decision reflects positive economic indicators, including job gains and low unemployment rates, while the Fed’s focus remains on reducing inflation to the target range of 2% to 3%.\u00a0<\/p>\n

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Although inflation has moderated, with the annual rate at 4%, the Fed aims to achieve 2% inflation and full employment.<\/p>\n

While the announcement led to stock market declines, gold, and silver prices rose. Fed Chair Jerome Powell indicated that more rate increases are likely by year-end, disappointing crypto market participants hoping for a rally.\u00a0<\/p>\n

The “hawkish pause” suggests future rate rises, impacting crypto markets already facing declining liquidity.<\/p>\n

Binance Crypto Exchange Near Compromise Between the US and SEC to Avoid Asset Freeze<\/strong><\/h2>\n

The world’s largest digital asset exchange, Binance, and its US affiliate, Binance US, have agreed to negotiate a settlement that would avoid the need for the court to decide whether or not to order the platform’s assets to be frozen.<\/p>\n

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US District Judge Amy Berman Jackson stated at a hearing on Tuesday that the exchange and the Commission “aren’t that far apart” on a settlement that would guarantee the protection of client cash totaling billions of dollars without jeopardizing the cryptocurrency industry.<\/p>\n

The judge concluded that closing the exchange “would create significant consequences not only for the company but for the digital asset markets in general.”<\/p>\n

According to the SEC lawsuit, Zhao’s company, Binance, moved client monies, then utilized those funds to acquire and sell cryptocurrencies.\u00a0<\/p>\n

The exchange’s compromise calls for transferring users’ cryptocurrency holdings to new wallets under the management of Binance employees stationed in the US.\u00a0<\/p>\n

Similar demands that Binance return client funds to the United States are made by the SEC.<\/p>\n

Bitcoin Price Prediction<\/strong><\/h2>\n

Bitcoin’s technical analysis reveals interesting patterns. On the 4-hour timeframe, we observe a significant decline, followed by signs of a potential reversal.\u00a0<\/p>\n

The formation of a hammer candlestick and exhaustion among sellers indicated by three black crows suggest a weakening bearish sentiment.<\/p>\n

Furthermore, an engulfing bullish candlestick pattern indicates growing buyer influence.<\/p>\n

Taking a broader view, Bitcoin has completed a retracement of approximately 23.6% around the $25,150 level.\u00a0<\/p>\n

A break above this level could expose Bitcoin to the 38.2% retracement level at around $25,400, potentially paving the way for further resistance at $25,580 or $25,800, which correspond to the 50% and 61.8% Fibonacci retracement levels.\u00a0<\/p>\n

Notably, the $25,450 level, coinciding with the 50-day exponential moving average, has served as both support and resistance in the past.<\/p>\n

Conversely, initial support is anticipated around the $24,750 level.\u00a0<\/p>\n

However, a break below this level may lead to a downward movement toward subsequent support levels at $24,285 or the psychological level of $24,000.\u00a0<\/p>\n

Buy BTC Now<\/strong><\/p>\n

Top 15 Cryptocurrencies to Watch in 2023<\/strong><\/h2>\n

Stay updated on the newest initial coin offering (ICO) ventures and alternative cryptocurrencies by regularly exploring our meticulously chosen assortment of the top 15 digital assets to monitor in 2023.<\/p>\n

This thoughtfully curated compilation has been put together by industry professionals from Industry Talk and Cryptonews<\/i>, guaranteeing that you receive expert recommendations and valuable insights.<\/p>\n

Remain ahead of the curve and explore the possibilities of these cryptocurrencies as you navigate the dynamic realm of digital assets.<\/p>\n

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.<\/sup><\/i><\/p>\n

Find The Best Price to Buy\/Sell Cryptocurrency<\/strong><\/h2>\n<\/p><\/div>\n