The Federal Reserve’s hawkish stance has not deterred a technical analyst’s bold prediction that Bitcoin (BTC) is poised to surge nearly 25% beyond its all-time high of $73,679, reaching $91,539 before ultimately hitting $123,832 as the peak of the current cycle.
In a post on June 12, pseudonymous technical analyst CryptoCon reaffirmed their target for Bitcoin, citing the Magic Bands model to support their forecast. This model dissects the cycle into distinct levels based on past peaks and bottoms to forecast future prices. According to the model, Bitcoin is currently hovering at level 2.5, but once it breaks through this barrier, it is expected to reach level 3 at $91,539, followed by the Cycle Top Target of $123,832.
Despite concerns raised by other traders over the Federal Reserve’s hawkish tone, which hints at a more aggressive approach to controlling inflation, CryptoCon remains bullish on Bitcoin’s outlook. The analyst emphasized that reaching $91,539 is the next step in Bitcoin’s journey as it progresses through the Magic Bands levels.
Market reactions to the Federal Reserve’s meeting minutes, where they decided to maintain interest rates and reduce expected rate cuts from three to one for the year, have varied. Some analysts, like MN Trading Consultancy founder Michaël van de Poppe, view the Fed’s stance negatively, while independent analyst Ted Talks Macro noted that the FOMC’s tone was more hawkish than anticipated.
Although there are differing opinions on the Fed’s projections, 10x Research’s Markus Thielen believes that the FOMC may need to adjust their expectations later in the year, especially given the inflation data. Despite these uncertainties, Bitcoin saw a rapid $1,500 increase in value following the announcement, underscoring the cryptocurrency’s sensitivity to market dynamics.
In conclusion, while the Federal Reserve’s actions and market reactions may influence Bitcoin’s price movements, CryptoCon’s prediction remains steadfast as the cryptocurrency aims to break through key levels and reach new highs in the upcoming cycle.