This year is disastrous from an investment point of view in the cryptocurrency market. In effect, some blockchains disappear from the top 10 like Terra Luna while others remain but nevertheless lose large percentage such as -40%, -60%, even -70%.
Some specialists believe that we have still not reached the low point and that some blockchains could still go down, such as Bitcoin at $13,000 for example.
Let’s see together if this possibility is realistic after the Fed rate hike.
Bitcoin at $13,000 after Fed rate hike?
Bitcoin (BTC) fell further today ahead of the widely expected Federal Reserve interest rate hike later today.
the Bitcoin is currently valued at $21,200, down 4% in the past 24 hours. Bitcoin has fallen 30% since last Monday, following a bigger-than-expected rise in US inflation.
Crypto traders’ attention is now focused on how the token would react to a FOMC rate hike. In mid-July 2018, the price of BTC fell soon after the Federal Reserve raised interest rates, and it is expected to drop again this time around.
Technical indicators show that the BTC could fall as low as $13,000 if the current slide continues. The currency’s collapse is also attributed to broader industry concerns, such as whether how low can bitcoin go?
Read also Cryptocurrency: Is Bitcoin really a good idea to protect against galloping inflation?
If bitcoin forms a double top, the veteran trader Peter Brandt thinks he will drop to $13,000. Given the recent trend, a negative signal from the Fed is likely to reinforce this forecast.