Analyst: “Bitcoin and Altcoins are waiting for this event to occur for the rise!” When is Ascension?

While the cryptocurrency market first focused on spot Bitcoin ETF approvals in 2024, it focused on the FED’s first interest rate cut after the approval.

At this point, it is expected that there will be an increase in BTC and cryptocurrencies with the FED starting to reduce interest rates, while May is pointed out for the first interest rate reduction.

Because FED President Jerome Powell stated in his statements that it was “unlikely” for an interest rate cut to occur in March. Powell said in his statement: “We said we wanted to be more confident that inflation would fall to 2%. I think it is unlikely that this committee will reach this level of confidence until the March meeting, which will be held seven weeks later. However, we will not wait for inflation to reach 2% to reduce interest rates.” he said.

While new predictions for interest rate cuts began to be discussed after these statements, ETC Group Research Head André Dragosch said that market participants expect the FED to start the interest rate cut cycle in May, based on the pricing of FED fund futures.

Speaking to The Block, André Dragosch added that the possibility of the FED starting to cut interest rates in March was priced in advance and stated that Bitcoin and the broader cryptocurrency market are waiting for the FED’s expected interest rate cut cycle to start in May, for the rise.

“We anticipate that Bitcoin and altcoins may experience an initial selloff in response to a potential delay in interest rate cuts through May.

“This price action could lead to lower global growth expectations amid a possible US recession.”

*This is not investment advice.