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Fed Announces Its Interest Rate Decision: Bitcoin Forecast from Mike Novogratz
The Fed's interest rate decision has become clear. The American central bank has announced that it has increased the interest rate by 25 basis points, in line with the expectations. Thus, interest rates in the USA rose to the range of 0.25 percent to 0.50 percent. In addition, the Fed has increased interest rates for the first time since 2018. After the Fed increased interest rates, there was no significant change in the price of Bitcoin (BTC).
Mike Novogratz: Bitcoin will be traded between $30,000 and $50,000 this year
After the Fed rate decision, BTC climbed above $ 40,000 and is currently trading at $ 41,041. Michael Novogratz, CEO and founder of Galaxy Digital, predicted in an interview with Bloomberg TV that Bitcoin will reach $500,000 in the next five years. Novogratz said that Bitcoin will be traded in the range of 30 thousand to 50 thousand dollars this year. The cryptocurrency market has been in a bearish trend since the beginning of 2022. The current geopolitical crisis has forced all governments to include cryptocurrencies in their future policies. Factors such as Russia's invasion of Ukraine and the Fed's rate hike affect the market deeply.
Michael Novogratz stated that the FED has not started to increase interest rates, they have not started to draw liquidity from the system, and therefore, Bitcoin (BTC) will remain sideways between $ 30 thousand and $ 50 thousand throughout the year. The famous investor believes that Bitcoin grew much faster last year than the internet did in the 1990s. Mike Novogratz said that Bitcoin has little chance of a “quick” recovery at a time when the Fed plans to raise interest rates and take strong quantitative tightening measures. It is reported that the Fed is planning at least four rate hikes this year, which can go up to 7-8 if inflation is not quickly brought under control. Novogratz expects Bitcoin to stay in the $30,000 to $50,000 range this year.
These levels must be beaten for a sustainable rally!
According to experts, retail investors should not be overly optimistic. With today's price action, BTC is bouncing above its 20-day EMA and 50-day moving average. However, there is still a big problem. BTC is still a long way from its 200-day moving average (DMA) at $48,622. However, if Bitcoin surpasses these levels, we can confirm the uptrend.