Bitcoin’s recent price jump, fueled by Fed Chair Jerome Powell’s speech, has everyone talking. Analysts at QCP Capital believe Bitcoin will continue to trade within a specific range until the end of the year.
Interest Rates and Bitcoin
QCP Capital is keeping a close eye on interest rate changes. They believe that lower interest rates could be good news for Bitcoin, especially if the Fed takes a more aggressive approach to preventing an economic downturn.
Here’s the breakdown:
- A 25 basis point (bp) cut: Could be positive for Bitcoin, showing the Fed is taking a cautious approach.
- A 50bp cut: Could be even more bullish, indicating the Fed is taking strong action to avoid a recession.
Bitcoin’s Future: A Range-Bound Market
While Bitcoin has seen some positive movement recently, QCP Capital doesn’t expect a major breakout anytime soon. They predict the price will stay between $61,000 and $70,000 until the fourth quarter of 2024.
They believe that the US elections, combined with the typical end-of-year bullish sentiment, could finally push Bitcoin to new all-time highs.
Current Bitcoin Price
As of right now, Bitcoin is trading around $64,250. This represents a slight increase over the past 24 hours, but a more significant gain of over 8% in the past week.
