After spending time with around $ 74,000, the BTC price rises to nearly $ 97,000, a jump of over 30%. The sharp increase has a lot of attention, especially if it precedes some major macroeconomic events.
To date, Bitcoin is trading around $ 94,000, which has dropped slightly from the recent local top. But if some conditions fall into the area, an analyst believes we can look at a running towards a new time high, potential even more than $ 134,000.
Bitcoin price can move forward if the Fed Sparks Market Optimism
Lots of hope around this week FOMC meeting. While most analysts are expected that the Fed will keep the rates unchanged, with more than 97% odds pointing to no cutting rate, what really matters is how Jerome Powell develops the view. Markets tend to react more on Powell's tone and clues about future moves than the actual rate decision. And the crypto space is no exception.
Crypto PatelAn analyst in X, pointed out that this week is full of events that can influence BTC price action. He specifically mentioned the Fed rate decision on Wednesday, as well as the 10-year and 30-year auction of Treasury and Fed balance update. These moments tend to shape the investor's feelings and can set tone for risk assets such as Bitcoin.
The crypto patel also featured increased dominance in the Stablecoin activity of Ethereum and Solana's strong performance in the chain's revenue as signs that the broader crypto market gains momentum. But it's Bitcoin that he's most excited about. According to Patel, if the rhymes of history, the BTC could be rarely as high as $ 134,000.
BTC price patterns suggest the next leg higher can come
Another major argument for BTC's potential rally is based on Bitcoin's historical circulation. Each time a division occurs, reducing the new BTC supply, the price tends to continue with a major rally within the following 40 to 50 weeks. The latest stop occurred in April 2024. If the past is any guide, we will enter the window where the rally usually begins to speed up.
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There is also an institutional factor. Bitcoin spot etf It brought fresh demand from large investors, and the new wave of capital creates a stronger purchase pressure.
Crypto Patel shares similar views in the past, and this time he supports his call with a clear target price. He believes that if the Fed indicates a softer bearing or if the institutional demand continues to climb, Bitcoin can lead to $ 134,000, a new full time leaving the previous peak of $ 109,000.
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