Following the US Federal Reserve’s decision to cease its cycle of financial tightening and pause interest rates on Wednesday, the Bitcoin (BTC) market succumbed to encouraging stress. The FOMC financial projections and the Fed’s introduction of a rate of interest of 5.25% confirmed as expected the Biden administration’s commitment to fighting inflation.
Although Bitcoin’s price declined by approximately 4% in the previous day to trade at about $24.9k, its market share remained high at about 49% compared to the altcoin market.
Bitcoin Value Assessment
According to popular cryptocurrency analyst and Twitter influencer Kaleo (@CryptoKaleo), there is now far less chance that Bitcoin will reach $40k during the bear market rally. The expert had previously voiced hope that Bitcoin might reach $40k early this year, but these positive emotions have now subsided. As a result, the analyst anticipates Bitcoin’s value will fluctuate between $20k and $30k prior to the subsequent halving.
You should note that Kaleo based his forecast primarily on the Bitcoin structure of 2019, which he feels does not apply. According to Kaleo, “the timeframe for achieving these numbers has already passed when comparing the current construction to that of 2019.”
What Happens Next?
The ongoing legal disputes between the SEC and renowned cryptocurrency companies like Binance, Ripple, and Coinbase International in the US are currently having a significant impact on the cryptocurrency industry. The cryptocurrency sector may get the green light for widespread adoption if the court issues its decisions in all three cases, propelled by regulatory clarity.
In the meanwhile, Kaleo thinks that this could be a good moment to start saving additional money in expectation of a bullish rise in the first quarter of 2025.
