Bitcoin Price Prediction as BTC Suddenly Blasts up to $28,500 – What’s Going On?

cryptonews.com:

Bitcoin's price has been on a rollercoaster ride over the past few weeks, with sudden spikes and dips causing uncertainty for investors. In a surprising turn of events, the cryptocurrency suddenly blasted up to $28,500 - leaving many wondering what was going on. 

With speculation about the reasons behind this sudden surge, investors and analysts alike are eager to make Bitcoin price predictions and determine the potential implications for the cryptocurrency market as a whole.

The Federal Reserve's decision to increase interest rates on Wednesday was in line with expectations. The United States Federal Open Market Committee (FOMC) raised interest rates by a quarter point, indicating that the Federal Reserve is concerned about inflation. 

After the announcement, Fed Chair Jerome Powell stated that the FOMC is "strongly committed" to bringing inflation back to its target of 2%. As a result, the Committee decided to raise the federal funds rate target range to between 4-3/4 to 5 percent.

However, the FOMC's statement on Wednesday also acknowledged the recent banking crisis and suggested that it may lead to tighter credit conditions, which could impact economic activity, hiring, and inflation.

As expected, the Federal Reserve's decision to raise interest rates caused the dollar to decrease, with the US Dollar Index (DXY) trading at a nearly seven-week low of 102.10.

Meanwhile, the cryptocurrency market had been hoping for either no interest rate increase or a more dovish stance from Powell. However, Bitcoin's price declined after an initial surge earlier in the week when Powell indicated that rate cuts in 2023 were unlikely following the interest rate hike.

The US Securities and Exchange Commission (SEC) has been aggressively