Bitcoin Price Prediction as BTC Climbs Back Up $16,500 and Prepares for a Big Move – Here’s Where It’s Headed Next
Bitcoin failed to maintain its upward trend on November 24 and fell below $16,650 despite the release of dovish FOMC meeting minutes. Members of the Federal Open Market Committee (FOMC) voted in early November to raise interest rates by 75 basis points, or 0.75 percentage points. It was the fourth such rate increase in a row.
However, Fed Chair Jerome Powell stated in a press conference following the decision that a slower rate would be appropriate soon.
On November 24, the Federal Reserve tweeted about the minutes of the FOMC meeting held on November 1-2, 2022. The minutes contain information on future interest rate trends, which is critical for determining the value of risky assets such as stocks and cryptocurrencies.
According to the FOMC minutes, a "Substantial Majority" of Fed members anticipate a "soon" slowdown in rate increases. The minutes also indicated that Chairman Jerome Powell's post-meeting call for "higher rates for longer" was contentious, causing the US currency and Treasury yields to fall while stocks rose.
However, put-call variables for bitcoin and ether, which measure the cost of bullish calls versus bearish puts, remain in the negative range, indicating a bias in favor of options.
Furthermore, the majority of respondents in the Open Market Desk survey predicted that the December meeting would result in a 50-basis-point increase in the federal funds rate target range. The price of BTC/USD increased after the information became public.
The 2014 Mt. Gox breach made headlines when 65 BTC were transferred to the exchange HitBTC. On November 22, a Bitcoin wallet linked to the BTC-e exchange began trading. Since August 2017, the 2014 Mt. Gox hack-related wallet has completed its massive transaction.
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