"Later next year, does that mean the current price of BTC will go down first?"
The price of cryptocurrency king Bitcoin (BTC) remained flat between the $35,300 and $34,500 range as last Friday's NFP jobs data for October 2023 saw a weaker than expected figure.
However, a massive increase in risky assets such as crypto and equities could be triggered as some analysts believe the Federal Reserve (Fed) will cut interest rate hikes in March 2024 plus there is a BTC halving event in April 2024.
Even so, there is a 66.5% probability that the Fed will keep interest rates unchanged that month as well as a 95.4% expectation for the December 2023 Federal Open Market Committee (FOMC) meeting and 89.4% for January 2024.
Not only that, Charlie Ripley, Allianz Investment Management's senior investment strategist also expects that there is a 10.3% chance that the central bank of the United States (US) will raise interest rates in January 2024.
There is no denying that BTC is currently still seeing horizontal momentum but its price has the potential to experience a drastic surge, commented popular crypto analyst Ali Martinez adding that there are over 700,000 new BTC addresses generated in one day.
Then, CrediBull Crypto predicts that BTC will be able to reach the next highest level if the price manages to recover $40,000 and don't forget the inflow of capital in the crypto market which topped $10 billion during the last month can further increase investor confidence.
As of this writing, BTC price has plunged by 0.25% to $34,917 in the last 24 hours with a market cap of $682 billion but is still up 1.31% over the past week.
