8 Bitcoin Price Predictions With Crypto Prices Crashing FOMC Day

cryptonews.com:

The Bitcoin price crash post FOMC swept the September monthly low - is it time to buy BTC now and long the blood? We review eight Twitter traders' Bitcoin price predictions.

With the Wednesday daily candle about to close out FOMC day, the Bitcoin price has dropped as low as $18,125 on Binance. The previous September low was this Monday's low of $18,232.

The Fed announced a 75 basis points interest rate hike at the FOMC meeting earlier today and initially the stock market and Bitcoin rallied - BTC hit an intraday high of just under $20,000. 

Both the SPX and Bitcoin then crashed, recovered with a strong bounce to liquidate late shorts, and finally then crashed again to new daily lows. The S&P 500 dropped as low as 3,789.

Many market participants had predicted Bitcoin would crash on bad news - if a 100 bps rate was to be announced.

A common prediction was that 75 basis points was priced in, and was the higher probability outcome - so a relief rally would be the result if that was announced, as the news could have been worse.

We reported on crypto analyst Ted Talks Macro's BTC price prediction along those lines - that 75 bps would be the outcome, the Bitcoin price would rally in the short term on FOMC day, but then be capped by a hawkish price conference.

That was what happened for Bitcoin - as Fed chair Jerome Powell continued a hawkish and 'restrictive' stance for the US economy, and the Bitcoin price couldn't break out above $20k.

We also noted trader Crypto Chase predicted the Bitcoin price would 'run liquidity in both directions' - i.e. liquidate both longs and shorts with volatile wicks, the 'Darth Maul' candlestick pattern - before moving in its 'actual direction' determined by Powell's speech.

Other crypto Twitter analysts