What Does the Crypto Week Look Like? Will BTC Soon Reach $70,000? Fed Rates and US Elections:
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Analyst Updates
- BTC’s target of $70,000 experiences a pause as market reactions unfold ahead of economic announcements.
- Experts evaluate the potential for BTC to cross the significant $70,000 threshold within this week.
Following a strong lift towards $70,000, Bitcoin [BTC], unfortunately, dipped just below $67,000 during trading on Monday, October 21.
The downturn at the week’s start mirrored anxiety in the US stock market as it fell ahead of major earnings reports due this week.
Nevertheless, BTC may fluctuate within a certain range through the weekend unless more decisive Fed interest rate guidance emerges based on QCP Capital’s projections.
The trading analysis firm highlighted that
“We anticipate sideways trends leading up to Thursday’s PMI figures which might offer insights into the Fed’s upcoming rate decisions.”
The Purchasing Managers Index (PMI) serves as an early indicator regarding US economic conditions and could influence the Federal Reserve’s rate verdict in November.
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Crypto Week Ahead: Will BTC Achieve New Heights?
Currently,
markets predict that
the Fed might lower rates by 25 basis points during its meeting next month. The effects of Thursday’s PMI results on BTC remain uncertain.
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“Chances Bitcoin will establish new record high during current timeframe seems thin… By November proceeding growth should likely eclipse existing levels followed by gradual advances into ranges aiming upward beyond 100 k USD per coin.”
Meanwhile; excitement surrounding climb upwards close enough once again touching origin definitely revived final bursts enthusiasm seemed compelling corresponding relative positions seen previous March first half where again correspondingly records earned accolades . It is important noting intensified prohibition retail activity survey conducted CryptoQuant showed same sway appearing recently while logging summary tracking phenomena weeks trailing subsequent actions leading earlier highs witnessed amongst surroundings regaining volumes ultimately seen revisiting peaks .
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