The post Crypto Expert Predicts Bitcoin Price Could Plummet To $60,000 appeared on BitcoinEthereumNews.com.

The Bitcoin price is facing strong selling pressure, owing to the Federal Reserve’s renewed hawkish stance.  BTC is down by nearly 5% over the past week and is struggling to hold on above the $66,000 price mark – currently exchanging hands at $66,100 at press time.  However, popular crypto analyst Nebraskangooner – who has close to 350k followers on X – reveals that the largest digital asset’s troubles may just be starting.  He projects that the Bitcoin price could plummet to the $60,000 – $61,000 range, especially if it fails to reclaim the $66,275 support level.  Smart money traders are already divesting into crypto presales, considering their lack of short-term volatility. For instance, a new BRC-20 token 99Bitcoins – that could act as a leveraged bet on BTC after its launch – is in high demand.  Why Is Bitcoin Down Today? Rising macroeconomic risks once again resulted in a steep correction in crypto prices, delaying the next leg of the bull market. Interestingly, Bitcoin fared much better in comparison to the altcoins, many of which – including Worldcoin and Floki – are down by over 30% in the past week.  While last Wednesday’s FOMC meeting was in line with the market’s expectations – keeping the Federal Funds Rate unchanged – Fed Chair Jerome Powell adopted a surprisingly hawkish stance in his press conference.  Additionally, the Fed’s Summary of Economic Projections – or the dot plot – signalled only one rate cut this year. The Fed’s inflation forecast for 2024 has also increased from 2.4% to 2.6% while its mean core PCE forecast ticked up from 2.6% to 2.8%.  The hawkish FOMC overshadowed the better-than-expected CPI and PPI prints, resulting in substantial sell-offs in the crypto market.  Could the Bitcoin Price Fall to $60,000? The bulls failed to defend the $66,275…

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Filed under: News - @ June 18, 2024 12:24 am