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Bitcoin Dips Below $104K Ahead of Fed’s Rate Decision
The largest cryptocurrency by market capitalization, Bitcoin, has plummeted below the $104,000 mark ahead of the Federal Reserve’s rate decision and Jerome Powell’s speech. The trader believes that the digital asset is now in risk-off mode as investors await the central bank’s announcement.
According to recent reports, US-based Bitcoin ETFs have recorded impressive inflows, with a staggering $733 million worth of investment pouring into the market on Tuesday alone. Despite this positivity, the price of Bitcoin has struggled to break out above key resistance levels, suggesting that it may not be as strong as initially thought.
Scaramucci, however, remains bullish about the asset’s potential, predicting that Bitcoin could reach a staggering $200,000 in 2025. While many experts have expressed skepticism over this prediction, Scaramucci believes that Bitcoin has what it takes to achieve such unprecedented growth.
However, some analysts argue that it is unlikely for Bitcoin to collapse all the way to the $86,000 level as of now.
Source: u.today
