Bitcoin Sees Key Tests Ahead Amid Fed Rate Hike Fears
Bitcoin's recent price surge has left investors wondering if it can continue its upward trend. The cryptocurrency has gained 43.8% over the past 90 days, climbing from around $57,800 in early July to approximately $84,000 on September 30.
The Federal Reserve's upcoming meeting on October 27-28 could be a crucial factor for Bitcoin's price. A quarter-point interest rate increase is still possible, which could weigh on the cryptocurrency due to its lack of interest or dividend payments.
Higher oil prices above $100 a barrel are also adding uncertainty to the market. This could lead to inflation pressures and tighter monetary policy, potentially affecting cryptocurrency prices.
Standard Chartered's Geoffrey Kendrick still maintains a $100,000 year-end target for Bitcoin in 2026, despite the challenges facing the currency.