"Everyone must like BTC to go up, but be careful because the price will suddenly drop."
Currency king price crypto Bitcoin (BTC) rose to $43,543 as investors expect the Federal Reserve (Fed) to cut interest rates during the Federal Open Market Committee (FOMC) meeting on Thursday this week at 3 am.
Through observation, there is 97.9% probability that the Fed will maintain a range of rates from 5.25% to 5.50%, therefore investors are more interested in choosing risky assets like BTC that managed to see a significant recovery.
Please note that analysts expect the fund manager to intensify its sales efforts as the sales force may become more adept at handling emerging products in addition to increasing institutional interest in BTC.
The institutional push coincided with reduced outflows from Grayscale Investments' spot BTC ETF, where they hinted at strengthening crypto market sentiment.
Although recent outflows from the Grayscale BTC ETF have caused early investor concern, trends it became more stable after The broader market is also closely watching how macroeconomic factors, particularly the Fed's policy decisions, could influence BTC's trajectory.
According to eToro analyst Callie Coz, interest rate cuts could potentially happen as early as March 2024, so such measures can reduce the risk and providing an ecosystem conducive to the growth of BTC.
As of this writing, BTC price has surged by 3.07% to $43,468 in the last 24 hours with a market cap of $853 billion and a further 9.55% increase over the last week.
