Bitcoin Could See a 30% Plunge After FOMC Meeting
A well-known crypto analyst, Sheldon The Sniper, believes that the Federal Open Market Committee (FOMC) meeting will bring increased volatility to the crypto market and potentially lead to a significant correction in the price of Bitcoin. Sheldon identified a “weakness” in the Bitcoin price chart and suggested a possible 20-30% pullback in the coming days. He highlighted that if the hourly candle closes below $42,000, it could be an early indication of a major crash. Additionally, Sheldon pointed out the presence of massive Bitcoin liquidations on the Heatmap, which could further drive down its value.
Caution for Bitcoin Leverage Holders
FlameseN, another technical analyst, warned Bitcoin leverage holders to stay alert when the Fed decision is announced. He emphasized the importance of monitoring volatility to minimize losses. FlameseN also noted that Bitcoin is currently holding the Mid-Range & 6h 200SMA but advised caution if its value drops below this level.
Short-Term Price Range for Bitcoin
Crypto insights provider MichaΓ«l van de Poppe expects Bitcoin’s price to range between $38,000 and $48,000 in the short term. He predicted a potential pullback followed by a slight pre-halving rally to $48K. This aligns with the opinions of other analysts who anticipate a correction in the near future.
Ethereum Faces Rejection at Resistance Level
Ethereum experienced a significant rejection around the $2,400 resistance level after deviating from its range. Analyst Josh expressed a bearish sentiment for Ethereum as long as prices remain below $2,400. While some volatility is expected due to the FOMC event, Josh believes that a Fed rate pause may already be factored into the market. As a result, the price of ETH has already declined by 0.99% to $2,303.81 ahead of the FOMC meeting results.
Hot Take: Potential Volatility Ahead for Crypto Market
The upcoming FOMC meeting has generated anticipation and speculation within the crypto market. Analysts have differing opinions on how Bitcoin and Ethereum will react to the Fed’s decision. While some anticipate a significant correction in Bitcoin’s price, others predict a short-term price range. Ethereum, on the other hand, faced rejection at a key resistance level and may continue to face bearish pressure. As the FOMC meeting unfolds, volatility is expected, and crypto investors are advised to closely monitor market movements to minimize potential losses.
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