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Bitcoin’s price hovers near $61,900 as investors anticipate a potential breakout. Historical trends suggest BTC may rally in October, especially with a Federal Reserve rate cut looming. Experts debate whether this will spark a long-awaited bull run.
Investors Eye $61,900 Breakout Level
According to well-known crypto analyst Rekt Capital, the price of Bitcoin has been making a sequence of lower highs since the end of July. Therefore, $61,900 is the important mark to keep an eye on this week. If Bitcoin manages to break over this level, it might propel its price into an upward trend.
Nearly 150-160 days after the Bitcoin halving event, BTC has historically provided a breakout. As a result, by the end of September 2024, according to this historical calendar, the price of Bitcoin will have broken out of its recovering range, Coingape reports.
September’s 4.48% Losses Could End Soon
In addition, with an average loss of 4.48%, September has a history of producing low returns. The average monthly gain, on the other hand, is 22.9% for October. Therefore, this may mark the last stage of Bitcoin's long-term consolidation.
U.S. Federal Reserve officials are plotting a dramatic shift in monetary policy at their September 18 FOMC meeting, with the intention of pursuing monetary easing through interest rate reductions. But whether this would be a 25 basis point or 50 basis point rate drop is still up for debate on Wall Street.
Bitcoin Surge Expected From Additional Liquidity
The market consensus has been that additional liquidity would flood the market as a result of the Fed rate decrease, which would lead to a surge in the price of Bitcoin.
Senator Warren of Massachusetts has asked the Federal Reserve to reduce interest rates by 75 basis points.
It will be fascinating to see if Senator Warren's words have any weight in Washington, according to Custodia Bank founder Caitlin Long. She has previously referred to Jerome Powell as "a dangerous man," so it's doubtful that the head of the central bank would even consider her requests.
Scaramucci Predicts New Bitcoin Highs
However, Anthony Scaramucci, founder of SkyBridge Capital, predicted that Bitcoin will reach new all-time highs after the Federal Reserve slashed interest rates. If not this quarter, then by the end of the year.
