Crypto enthusiasts around the world are awaiting the outcome of the Federal Reserve’s meeting on July 26, 2023 carefully. People trading in the cryptocurrency market expect the Federal Open Market Committee (FOMC) to adjust the target rate by 25 basis points yet again, which could likely be its last in the current cycle. However, the Bitcoin price is stable in a particular area, enabling the next round of bullish wave in the market.
According to a survey from the CME FedWatch Tool, the majority believe the U.S. Central Bank will adhere to its plan of increasing the target rate from 500-525 bps. Interestingly, the top cryptocurrency’s volatility is presently at its lowest six months point, with no changes, thanks to financial tycoons like Blackrock filing for Spot Bitcoin ETFs with the SEC. Data indicates that the last timeframe Bitcoin price witnessed such volatility shrink was in January 2023, when a 30% rise was recorded in the cryptocurrencies. Research studies reveal that such a condition usually points to a forthcoming bullish move.
Moreover, analysts at Goldman Sachs predicted that the Fed meeting in July 2023 could be the last that leads to additional rate revision of their monetary tightening cycle. This prediction will give investors a slightly less conservative stance from Federal Reserve Chair Jerome Powel which could aim the Bitcoin’s latest bullish trend toward breaking through the $33,000 resistance. All this news keeps prospects positive regarding the future of Bitcoin and the altcoins in the coming years.
