During the European session, the Bitcoin price prediction remains bullish following the Federal Reserve’s interest rate decision.
After three consecutive “jumbo” rate hikes of 0.75 percentage points each, the Federal Reserve finally announced another rate increase on Wednesday, this one a full 0.75 percentage points higher in an effort to slow inflation. While a rise in interest rates can reduce inflation by discouraging consumers from taking on new debt, it will also increase the debt service payments of Americans who are already struggling to keep up with the rising cost of living, which includes food, clothing, and shelter. Consumer Price Index numbers show that year-over-year inflation has remained persistently high, falling from a June high of 9.1% to 8.2% as of September. That’s far more than the 2% inflation target set by the government.
Bitcoin Price Prediction – How High Can BTC Go as it Pumps Past $20,000?
With a 24-hour trading volume of 44 billion, Bitcoin is currently worth $20,391. In the last seven days, Bitcoin has risen less than 5%. CoinMarketCap is currently first, with a $427 billion live market capitalization, down from $431 billion during the Asian session.
The BTC/USD pair is trading in an upward channel in the 4-hour timeframe, with support near $20,300 and resistance near $20,700. The 50-day moving average is extending support near the $20,400 level, and candles closing above this line indicate a bullish trend in Bitcoin.
The RSI and MACD continue to be bearish, indicating a minor weakness in an uptrend. As a result, a bearish breakout of the $20,300 support level could extend the selling trend until the next support level at $19,950.
On the plus side, increased demand for Bitcoin may allow it to break through the $20,800 resistance zone and reach the $21,000 level. A further bullish breakout above the $21,000 level could take BTC to $21,450.
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