- Bitcoin, ether (ETH) advanced 2%-3% over the past 24 hours on strong day for cryptos.BTC bottomed last week and should rise further based on daily cycles theory, according to chartist Bob Loukas.The Federal Reserve is expected to lower interest rates next week, but market participants are divided on the size of the cut.
Stock prices surged in the U.S., pushing the S&P 500 almost to its July peak (a mere 1% away) just hours before market close. For the first time ever, gold set a new record by reaching $2,600 per ounce, boosted by a weakening U.S. dollar against major currencies, which in turn fueled gains across various investment categories.
More room to run
According to a well-respected trader and analyst, Bob Loukas, Bitcoin’s upward trend might still have some momentum left due to its daily price pattern analysis. In technical analysis, the cycles theory suggests that prices fluctuate in recurring patterns and exhibit regular intervals between local highs and lows.
“These cycles have time left should remain strong into FOMC,” Loukas said.
The event to keep an eye on next week is the FOMC meeting scheduled for Wednesday. This gathering could potentially be the Federal Reserve’s first instance of lowering interest rates since 2020. Opinions among observers remain split regarding the magnitude of the cut, with nearly equal chances assigned to a reduction of either 25 basis points or 50 basis points, as suggested by the CME FedWatch Tool.
Although a more lenient monetary policy might theoretically boost risky investments, fears of an impending economic downturn persistently affect the market, as stated by crypto investment company Ryze Labs in their latest report released on Friday.
As a crypto investor, I find that the health of the U.S. economy plays a crucial role in my investment decisions. If it maintains its strength and steers clear of a recession, risk assets like cryptocurrencies could potentially keep climbing. However, if it weakens and falls into a recession, we might experience some turbulence in our investment journey.
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2024-09-13 21:51