FOMC Surprise Could Fuel $82K Bitcoin Rally
A recent analysis by analyst Ali Martinez suggests that the upcoming FOMC meeting may not result in a rate hike, which could lead to a surprise rally in Bitcoin. The CLARITY Act's failure to pass in the US Senate has already triggered a correction in the broader cryptocurrency market.
Martinez notes that while the odds of a 0.25% rate hike are high, at 93%, there is still a possibility that the FOMC may keep interest rates unchanged. He believes that this could be influenced by upcoming US midterm elections and President Trump's need for a political win.
If the FOMC decides to keep rates steady, Martinez predicts that it could trigger a powerful rally across risk assets, with Bitcoin potentially surpassing $82,000. However, he also notes that any signals of further rate increases during Fed Chair Warsh's press conference may negatively impact BTC and altcoins.
A mysterious whale has opened a large short position on Bitcoin ahead of the meeting, but their track record is not flawless with a 40.6% win rate. Meanwhile, an anonymous trader with a 100% win rate recently opened multi-million shorts on several assets before the CLARITY Act vote.