Bitcoin Defies Rate Hikes as Leaders Predict Favorable Outlook
Bitcoin's price has shown resilience despite the dual headwinds of Federal Reserve rate hikes and stalled regulatory bills. According to Tom Lee, Chief Investment Officer at Fundstrat Capital, 'the worst is over' for investors. This optimistic tone is shared by Kevin Maloney, CEO of iTrustCapital, who believes that Bitcoin is not dependent on the Clear Act and has identified a key price support level.
The prolonged downturn known as the crypto winter has come to an end, according to Maloney, with 'a substantial portion' of $350 million in client idle funds now back in the market. This repatriation of capital is in sync with technical price-level support, as seen by Woofun AI data. Tom Lee forecasts that the PCE inflation rate will fall from 3.4% to near 3%, and even another 25-basis-point interest rate increase would not derail the economy.
The next critical test for Bitcoin's price will come on September 30, when revised inflation data is released. If Bitcoin can sustain weekly closing prices above $85,000, its outlook will be quite favorable, according to Maloney.