Rekt Capital analyst on the immediate prospects for Bitcoin
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Johny Smith
2024/10/12
3 mins read
Recently, the flagship of the crypto market failed to gain a foothold above the $60,000 area, after which a sharp pullback occurred. But despite this, many industry experts are positive about the short-term prospects of the main digital coin. For example, popular analyst Rekt Capital noted in his next post in X that Bitcoin may soon emerge from a protracted consolidation.
According to the specialist, current conditions indicate primarily the accumulation of assets by institutional investors. This is quite often a potential precursor to a sustained bullrun. According to Rekt Capital, the next few weeks will be interesting. The specialist also emphasized that September is always difficult for the cryptocurrency segment. However, by the end of the year, the so-called pre-New Year rally is often formed.
The global drawdown in the cryptocurrency market, which began yesterday, took many buyers by surprise. The point is that there were no fundamental prerequisites for it. Apparently, investors reacted very strongly to the news about events related to Trump.
The Fed meeting also remains the focus of trading participants. It will take place from September 18 to 19. Almost no one doubts that the American regulator will adjust monetary policy towards easing.
But the likelihood that the rate will be reduced by 50 basis points has increased significantly. According to the FedWatch Tool metric, the chances of such a scenario occurring are estimated at 51%. Just a couple of weeks ago this figure did not exceed 15%. Of course, this will be a positive factor that can become a catalyst for the development of a sharp bullrun. However, it is worth considering that the market can react irrationally even to favorable news.
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