Bitcoin Defies Prediction with Surge Above $80,000
CoinShares predicted that Bitcoin would not break $80,000 for the rest of the year due to high central bank interest rates and stalled U.S. crypto laws. However, market action quickly disproved this call as Bitcoin jumped 5.77% today, trading near $80,759.59.
This price surge took Bitcoin straight through the $80,000 ceiling that analysts thought would hold it back. The Federal Reserve raised interest rates by a quarter point to a range of 3.75% to 4.00%, marking its first rate hike since 2023.
James Butterfill, research head at CoinShares, stated that Bitcoin needed lower inflation to break $80,000. However, today's price action completely overturned this view as buyers stepped in to push prices higher despite the interest rate hike and other headwinds.