Analysts predict that based on Powell’s attitude at today’s FOMC meeting, the price of bitcoin may either fall below $100,000 or rise above $110,000.
Jerome Powell’s decision to decrease Fed rates by the end of 2025 will have a significant impact on asset classes including cryptocurrency, gold, and oil, making today’s FOMC meeting incredibly important. Accordingly, market analysts believe that the price of Bitcoin may fluctuate below $100K or rise above $110,000 to reach new all-time highs. Bitcoin is currently trading over $104,000, the asset class’s latest weekly closing, which acts as a critical support.
FOMC Meeting Crucial for Bitcoin Price Next Direction
When the Fed makes its policy decision today, market analysts anticipate that Chairman Jerome Powell will maintain interest rates at their current level. Nonetheless, Powell’s future signals regarding prospective Fed rate decreases in the upcoming year will be closely watched by markets. The market has so far anticipated two rate cuts from the Fed before the end of the year.
But according to economists, the Fed may only lower rates once in 2024—a more cautious approach than was previously anticipated. The price of bitcoin has already dropped below $104,000 earlier today amid these pessimistic forecasts. Jerome Powell’s aggressive monetary policy stance might push the price of Bitcoin below $100K.
On the other hand, a dovish posture, which suggests a softer approach, would lead to a surge in financial markets and possibly bring Bitcoin past $110,000. Bitcoin is currently trading close to $105,000 while traders wait for the Fed’s FOMC decision. Altcoin markets are still quiet, which is indicative of general prudence.
Bitcoin ETF Inflows Have Continued
Bitcoin ETFs are still exhibiting resilience, with BlackRock’s IBIT controlling the flows, even if Bitcoin fell below $104,000 on Tuesday. Since June 9, more than $1.464 billion has been invested in Bitcoin ETFs, continuing a five-day net inflow streak, according to Santiment. According to on-chain data, long-term holders are holding onto their investments while short-term holders are selling.
However, in the midst of the continuous confrontation between Iran and Israel, the global economy has been affected by the volatility of oil prices. The oil price has increased by more than 10%, which has sparked worries that inflation would likely continue to rise. Powell may even be compelled by this to lower his interest rate forecasts by the end of the year.
BTC Price to $150K With M2 Money Supply
Analysts of the cryptocurrency sector are still optimistic that Bitcoin would rise after the FOMC meeting. According to well-known cryptocurrency expert Michael van de Poppe:
“The FOMC meeting comes in today, and, usually, that provides the bottom for Bitcoin the day before.It’s standard: risk-off prior to the meeting, risk-on again afterwards”.
Bitcoin has consistently tracked the M2 money supply with 80% accuracy, according to another expert, Colin Talks Crypto.
As demonstrated above, if the price of Bitcoin follows the Global M2, it may hit the $150K mark by the end of the year. It will be intriguing to observe if Bitcoin decouples from this point or keeps going in this direction.
Rising wedge predicts XRP price may crash 10% amid 200M whale selloff
As whales dump 200 million Ripple tokens in less than two weeks, a bearish rising wedge formation appears, causing the price of XRP to plunge 10% to $1.85.
On June 18, the price of XRP is trading at $2.14, and daily trading volumes have decreased by 1 32% as market interest wanes. As cryptocurrency prices retrace because of worries about the Israel-Iran confrontation, XRP has now fallen 8% in the past week. Following the sale of 200 million tokens by whales, a rising wedge shape on a four-hour chart suggests that a 10% crash might be on the horizon.
XRP Price Faces 10% Drop Amid Rising Wedge Pattern
After a rising wedge pattern appeared on the four-hour chart, signaling that the short-term momentum is going to turn bearish, the price of XRP is now facing yet another drop. This pattern shows that the purchasing pressure is progressively waning while the price is making higher highs but also higher lows.
XRP is currently challenging the lower boundary support line as it tips south once more. A more than 10% collapse from the lower boundary line to $1.85 could occur if this support breaks. This drop will support a previous research that warned that Ripple’s price could plummet to $1.80.
This negative argument on the price of XRP is supported by the MACD indicator, which formed a sell signal when the MACD line dropped below the signal line. Additionally, when the bars on the MACD histogram turn red, indicating severe sell-side pressure, it has crossed over below the signal line.
The Directional Movement Indicator (DMI) likewise depicts a similar picture, with the positive DI tilting south while the negative one tilts north. This strengthens the negative trend and increases the likelihood of an 11% drop should support at the $2.08 price break.
The price of XRP must first break through the resistance level at $2.33 in order to refute this pessimistic prediction. if favorable catalysts, like the ongoing Ripple v. SEC case, can cause the price to rise above this level.
Whales Sell 200M Ripple Tokens
Whales are aggressively selling XRP tokens, according to Santiment’s statistics, which could have a negative impact on the price and be the cause of the 10% price collapse. With these coins flooding exchanges, it could cause a crash. The whale addresses that held between 100 million and one billion XRP tokens have cut their holdings by 200 million.
Whales may lose faith in the performance of the XRP price if they start selling more tokens, and Ripple’s token may start to decline. Furthermore, a decline below $2 is still likely because retail demand is still low because of a lack of trust in future performance.
when a result, a significant obstacle to the price of XRP’s rebound is the lack of strong whale interest when these addresses begin to sell. The four-hour chart shows a rising wedge, which might cause the price to plummet by 10% to $1.85 in the near future.
Shiba Inu price signals 70% rebound as Open Interest crahes
The price of Shiba Inus is gradually developing a very bullish double bottom pattern that may soon result in further gains.
As the recent cryptocurrency market crisis intensifies, the price of Shiba Inus continues its downward trajectory today, June 18. The second-largest meme coin, SHIB, has fallen 35% since its peak in May. As its volume and open interest decline, it is gradually creating a unique double-bottom pattern that could indicate a possible recovery.
Shiba Inu Price Technicals Point to a Rebound
The price of Shiba Inus is at its lowest since April 9 at $0.00001157. The coin has fallen below the 50-day and 100-day Exponential Moving Averages, indicating that bears have won, according to the daily period.
The Relative Strength Index (RSI) is very close to the oversold level of 30 after continuing its downward trend. Shiba Inu’s downward trend is intensifying when the RSI declines and the Average Directional Index (ADX) rises. Consequently, this pattern suggests that the price of SHIB might continue to decline over the next days.
Positively, there are indications that the coin is gradually forming a double-bottom pattern, with the lower half of the pattern located at $0.00001030. A double bottom indicates that an asset has tested a support twice prior to rising and closely resembles a W pattern.
The pattern has two different bottoms as well as a neckline, which in this instance is at $0.00001765. Thus, the most likely scenario for the price of SHIB is for it to decline, retest the support at $0.00001030, and then rise again.
The neckline, $0.00001765, which is almost 70% above the double bottom level, will be the next target price to keep an eye on if this bounce occurs.
Should the price go below the double-bottom mark of $0.00001030, the bullish outlook will be rendered meaningless. A drop like that will indicate further declines; $0.0000080 is the next milestone to keep an eye on.
Falling SHIB Open Interest as a Catalyst
The decline in Shiba Inu’s future open interest over the last few weeks is probably a trigger. According to data, its open interest was $134 million, the lowest since April of this year. After reaching a peak of $272 million in April, it has been in free slide.
The total number of outstanding futures contracts that have not yet been closed, settled, or delivered is known as futures open interest. Generally speaking, a declining number indicates limited investor desire.
Bullish breakouts, however, typically occur when future interest rates decline. Likewise, a spike in open interest results in a reversal.
Accordingly, given that SHIB’s weighted financing rate has increased in recent days, the price may eventually rise again. Investor optimism that the future price will surpass the current one is shown by a positive funding rate.
