'91% Chance Local Top Is In,' Says Trader Ahead Of Pivotal Rate Cut Decision
Portfolio Pulse from Khyathi Dalal
A crypto trader predicts a 91% chance of a market reversal following the upcoming FOMC meeting, with potential rate cuts influencing Bitcoin's short-term price. Despite expected short-term volatility, the trader maintains a bullish long-term outlook for Bitcoin, anticipating a bottom around the low $50,000 range.
September 16, 2024 | 5:58 pm
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The crypto market, particularly Bitcoin, is expected to experience a short-term reversal following the FOMC meeting, with potential rate cuts influencing price movements. Despite this, a long-term bullish outlook remains, with a predicted bottom around $50,000.
The FOMC meeting is anticipated to cause a short-term market reversal, impacting Bitcoin's price. The trader's analysis suggests a local move down, but not a dramatic collapse. The long-term outlook remains positive, with a bottom around $50,000.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100