Experts predicted the growth of bitcoin to $36,000 on signals from the Fed
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Signs of reaching the end of the Fed’s key rate hike cycle could be the catalyst for a strong bitcoin rally. According to Matrixport analysts, the first cryptocurrency can travel by 20%, up to $35,000-36,000, writes Forklog.
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Yesterday, May 3, the Federal Reserve System (FED) of the USA increased the base rate range by 0.25 percentage points to 5-5.25% per annum. This is the highest rate in 16 years and the tenth increase in a row.
At the same time, bitcoin remained at a level higher than $28,500. At the time of writing, the value of the first cryptocurrency was about $29,100.
In addition to the Fed, experts cited the resumption of corporate buybacks of their own shares from the market after the end of the quarterly reporting season as a driver. In total, companies can spend $1 trillion on these goals this year.
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Matrixport drew attention to the reduction in the volume of trading, emphasized “limited resistance on the way up.”
Analysts also noted the activity in meme tokens DinoLFG, Pepe, Wojak, Chacon and IgnoreFud as a sign of an improved mood in the cryptocurrency market.
“The projected figures for May could lead to a significant increase in commissions as a percentage of the total income of miners to the levels we observed in May 2021,” they said.
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News editor Roman Myronchuk writes on the following topics: Economy, finance, banks, cryptocurrencies, investments, technologies
Source: Ministry of Finance
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