Quote from: Franctoshi on July 10, 2024, 08:38:19 PM

Quote from: xiaobu12345 on July 09, 2024, 07:21:57 AM

Do you think Bitcoin will still rise above 60,000 this year, that is, in 2024? Or is it the case this year and then will continue to go down?

To me $60k is a very close price target to be reclaimed, despite a lot of sell pressure coming in lately, but if the CPI data comes out positive on thursday, it definitely gonna get the price pump a bit, Today the price were able to go kiss the $69k, I believe we will even reclaim the 70k price level before the end of the year because, There is also an FOMC meeting which will take place in November few days after the US presidential election, and which I believe the Federal Reserve will resume its rate cute, and likely going to be dovish, in this case, a low-interest rate like 25 basis points will definitely send the market way higher than $60k.

Last month's CPI was 3.3% and many economic experts predict this month's CPI will drop to 3.1% and if this scenario happens, it is very likely that bitcoin will once again return to above 60k$. We will have the answer tomorrow.

But whether the Fed will lower interest rates this year remains a question, the Fed maintained its hawkish stance and said it would all rely on economic data and they did not promise anything. But I think whether the Fed cuts interest rates or not is not the only factor that causes the price of bitcoin to increase, because let's not forget that bitcoin went from $15k to $72k without any interest rate cuts from the Fed. They have an impact on the market but are not the only factor determining market trends.