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Markets Received Stimulus Signal From Fed Reserve Chairman, Making Analysts Bullish On Crypto
- Rising interest rates will start to fall
- David Gokhshtein backs Bitcoin at $250,000
On Wednesday, the head of the US Federal Reserve, Jerome Powell, announced that starting in December, smaller rate hikes should begin, giving hope to the markets.
Rising interest rates will start to fall
Cryptocurrencies responded by starting to rise even before Powell’s speech as Bitcoin recovered to the $17,000 level and Ethereum moved back above the $1,300 price line.
The Fed has been hawkish this year, raising interest rates several times starting in March and pushing them to record highs since the mortgage market meltdown in 2008. These rate hikes were the main reason for the decline of Bitcoin and other cryptocurrencies in price this year and even this week.
Data aggregator Santiment’s analytics team said stocks and cryptocurrencies responded to Powell’s speech by rising, and analysts believe strong bullish support has now formed.
David Gokhshtein backs Bitcoin at $250,000
As U.Today reported earlier this week, Gokhshtein Media founder and former US congressional candidate David Gokhshtein tweeted that he doesn’t expect Bitcoin to hit $1 million, like many articles. press recently said so.
Instead, he expects the flagship cryptocurrency to reach a “modest” $250,000, and that would do for him.
Gokhshtein tweeted earlier that he held large amounts of Bitcoin and Ethereum, as well as XRP, DOGE and Shiba Inu tokens.
