Bitcoin's Fate Hinges on Next Two Days, Experts Weigh In

Market experts on the Macro Monday program believe Bitcoin's next major move could happen within the next two days. The Clarity Act process and the Fed's interest rate decision are crucial catalysts for the cryptocurrency market. Analyst Jim Bianco pointed out that an 80-90 percent probability of an interest rate hike has brought the Fed to a point of no return.

Bianco noted that in nearly 30 years of observing the Fed, he cannot recall a time when the central bank did not raise rates when the market priced in an increase over 80 percent. He also argued that long-term interest rates have risen despite a cycle of interest rate cuts, signaling to the Fed that monetary policy is too loose.

On the other hand, some experts believe that raising interest rates would have limited effect against supply-side inflation and could further worsen the US fiscal deficit due to rapidly growing interest expenses. The program also discussed energy prices, with Ukraine's attacks on Russian refineries significantly impacting global supply of refined products.