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  • Writer's pictureSarah Dixon

Bitcoin Price Prediction – BTC to Advance After Fed’s Powell Blows Hot and Cold

There is a lot of uncertainty regarding the future of Bitcoin. One thing that we know for sure is that it has been one of the most volatile cryptocurrencies in the market. The general sentiment going into 2023 is that Bitcoin’s price will go up in the coming months. And with a growing number of investors and traders, this prediction seems to be more likely than ever before.

Jerome Powell Speech

On February 8, Carlyle Group co-founder David Rubenstein interviewed US Federal Reserve Chairman Jerome Powell at the Economic Club of Washington, DC. David started by asking whether the Fed’s intention to lift its benchmark Federal funds rate by merely 25 basis points may have been affected by a surprising employment report, which showed a gain of 517,000 jobs.

Powell claimed there was a minimal possibility that the news would have resulted in a change. The Fed Chair gave a neutral statement rather than the dovish remark that the markets had expected.

Inflation was lower than 2% at the time, and The Fed thought that getting inflation down to 3% could be difficult. For this reason, central bankers may not consider easing monetary policy until the target is met. Powell noted that many predictions for 2021 were wrong and the economy was declining. However, he says it is starting to grow again following the pandemic recession.

Although inflation in the goods sector is declining, it is still not visible in the housing sector, raising concerns about the prospects for deflation. Powell stated that the Fed focuses on the supply and demand link with the United States, as well as whether the economy is in control of inflation and the geopolitical situation with the Ukraine crisis.

The chairman of the Federal Reserve reiterated his belief that rising interest rates are required to reduce inflation. He also stated during a speech in Washington that borrowing costs may reach a higher peak than markets and officials anticipate.

Furthermore, he stated that additional interest rate increases would be appropriate and that the “disinflationary process” had begun. Despite the fact that recent economic data has been mixed, Powell believes the economy has a strong underlying momentum.

The Fed Chair claims that inflation is declining, but that further interest rate increases are still possible. He stated that inflation will not be eliminated quickly and easily. Powell’s most recent statement came only a week after his post-FOMC news conference.

Following the Fed’s 25 basis point rate hike last week, the US Bureau of Labor Statistics reported massive job growth in the economy, lowering the country’s unemployment rate to its lowest level in fifty years.

BTC to Rise After Powell Blows Hot and Cold

Financial markets have reacted positively to the Fed Chair’s remarks. He predicted that inflation would fall significantly in 2023, which would be good for the markets. However, he stated that the disinflationary process could take longer than expected. Powell stated that if data remains stronger than expected, the Fed will raise interest rates further.

The cryptocurrency market experienced a roller coaster ride after Federal Reserve Chair Jerome Powell responded to macroeconomic concerns about the US at the Economic Club of Washington. Bitcoin’s price increased after Powell stated that inflation is decreasing, which may reinforce hopes for a slower rate of interest rate increases in the United States.

The cryptocurrency market reacted favorably to Powell’s speech and may soon find additional macro-led support if inflation falls. Furthermore, BTC is rising after Fed Chairman Powell Blows Hot and Cold. The cryptocurrency market is relatively stable, with small price fluctuations.

Bitcoin Price

Hot on the heels of a booming day, BTC is trading at $23,200.00. BTC had an active day with a range of $23,190.00 – $23,430.00, but traders have yet to let this new development affect their willingness to go long or short the cryptocurrency

Bitcoin has broken through a solid support level of $23,250, which was established by an upward trendline. A break below this level has the potential to drive the Bitcoin price much down, approaching the $22,778 mark. A rise in selling pressure might spark another round of selling in the Bitcoin price, lowering it to as low as $22,400.

On the upside, a $23,400 level is anticipated to act as immediate resistance, and a bullish breakout above this level could drive BTC prices as high as $23,850 or $24,500.

Bitcoin Alternatives

The market’s future direction is uncertain, but investors looking to enter positions during this consolidation period should consider tokens like MEMAG and FGHT, which are currently among the best presale cryptocurrencies to buy.

Meta Masters Guild (MEMAG)

The Meta Masters Guild (MMG) is preparing to launch its groundbreaking Web3 Gaming guild, which will provide gamers with an exciting and dynamic gaming environment. The guild will act as a primary hub for mobile gaming players and will establish a MEMAG-based economy, fostering a sense of community and rewarding individuals for their abilities and efforts.

The presale is now in stage 6 and has raised over $3.5 million. The token’s price will rise from $0.021 to $0.023 during Stage 7 of the presale. The impending price increase is one of the reasons the sale has accelerated and continues to accelerate; however, the seventh stage will begin in only 4 days.

Fight Out (FGHT)

With its unique exercise app and new gym locations, Fight Out is set to disrupt the fitness industry. Using Web3 technology, the network will provide customers with customized training schedules as well as a supportive community to assist them in reaching their fitness goals.

Users pay for their Fight Out subscriptions with $FGHT, which will eventually support the FGHT pricing.

FGHT is currently trading at $0.02047. After the presale ends on March 31, the price will rise until it reaches a maximum of 0.0333 USDT. Furthermore, the FightOut presale provides early investors with benefits of up to 50%, which is very significant.

Disclaimer: This is a paid release that was not written by Crypto Online News. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Crypto Online News. Crypto Online News does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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