Bitcoin Could Approach $124K Amid Rising Fed Rate Cut Expectations, Analysts Suggest

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.