Bitcoin Could Approach $124K Amid Rising Fed Rate Cut Expectations, Analysts Suggest
Main Idea
Bitcoin could reach $124,000 as expectations of a Federal Reserve rate cut in September rise to 87%, driving bullish momentum and investor interest.
Key Points
1. Bitcoin started the week at $114,505 with minimal CME gap, indicating potential for early recovery.
2. Analysts identify $118,000 as a critical resistance level before a possible surge to $124,000.
3. The expected Federal Reserve rate cut is significantly impacting Bitcoin’s price trajectory, with an 87% chance of a 25-basis-point reduction in September.
4. Technical experts suggest Bitcoin may experience a short-term dip toward $110,000–$112,000 before rebounding toward $124,000.
5. The Federal Reserve’s September 17 meeting is pivotal, as a rate cut could drive Bitcoin’s price higher, potentially surpassing $124,000.
Description
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