The evolution of cryptocurrencies, which emerged with the philosophy of reaction to the unrequited money printing of central banks, to the point where they were shaped by the steps taken by the Fed, started to create a question mark in the minds.
Crypto Technical Founder Oytun Es; “Before institutional investors entered the cryptocurrency markets, the market was not that much affected by macroeconomic data. At the moment, the cryptocurrency market has entered a pricing cycle entirely with the interest rate decision from the Fed. Although this situation continues for a while, I do not think that the fate of Bitcoin will continue to be shaped by the Fed’s decisions in the long run,” he said. The answer of Beincrypto Turkey Research Manager Sevcan Dedeoğlu to the question of when the market will not be affected by the Fed’s interest rate decision was as follows; “If Bitcoin and the cryptocurrency market find a unique story of its own, it can be positively differentiated. However, as long as monetary tightening continues, Bitcoin may continue to remain in a negative cycle if it does not find a new story. This does not mean that we will always tend to sell. There will be mid-term rallies with the US election process.”
While acceleration in prices is expected with Merge, the US Federal Reserve’s 75 basis points interest Ethereum also got its share from the fluctuation in the crypto money market after the increase. Spouse; “I still think Merge is an update that will affect the price. When the next four updates are completed, Ethereum will rise to the top of all times”. Dedeoğlu’s graph for Ethereum; “A large crowd is pointing down a thousand dollars in Ethereum. For the first levels to follow, we can take the 850-938 band gap. After the updates are completed, we expect that the interest of the institutions in Ethereum will increase, which can turn the story in a positive direction.”
“Worst scenario in Bitcoin is 10 thousand dollars”
16 thousand 400-12 thousand 300 of the bearish formations seen on the weekly chart in Bitcoin dollar Stating that his target is on the table, Sevcan Dedeoğlu said, “For the end of the year, traders are pricing in the bear market period. There is an estimate that pulls back towards the $12,000-10k level in Bitcoin options trading. In the positive scenario, we can stay in the band range of 18 thousand to 23 thousand dollars.”