Expert Names Conditions for Bitcoin to Rise to $85,000
A Bitcoin expert stated that dovish rhetoric from the U.S. Federal Reserve could support Bitcoin and create conditions for a return to the $80,000 level. If Bitcoin consolidates above this, the next targets would be the $82,000 to $85,000 range. Bitcoin fell over 4% last week to around $76,800 due to factors like high oil prices, accelerating U.S. inflation, rising Treasury yields, and outflows from spot Bitcoin ETFs, in contrast to continued inflows into Ethereum funds.
The main event for the market is the upcoming Fed meeting. While a potential rate hike is largely priced in, the regulator's statements and updated economic forecasts will be key. However, if the Fed maintains a hawkish stance alongside strong macroeconomic data and high oil prices, pressure on the crypto market could increase. In that scenario, key support lies between $75,500 and $76,300, with a break below raising the likelihood of a drop toward $74,000.
The expert noted that as long as Bitcoin remains below $80,000, any upward moves should be seen as an unstable rebound rather than the start of a new growth phase. A sustained uptrend would require an improved macroeconomic backdrop and a return of investor demand. Bitcoin had briefly risen above $80,000 in late August for the first time since May.
cryptonews.ruYesterday 09:51
