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Strong Bullish Support for Bitcoin Expected as Fed Chair Makes Encouraging Announcement

Thu, 12/01/2022 - 11:36
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Yuri Molchan
Markets have received stimulation signal from Fed Reserve chairman, making analysts bullish on crypto
Strong Bullish Support for Bitcoin Expected as Fed Chair Makes Encouraging Announcement
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On Wednesday, the head of the U.S. Federal Reserve, Jerome Powell, announced that starting in December, smaller rate hikes are likely to begin, giving the markets hope.

Interest rates hikes to start going down

Cryptocurrencies responded by beginning to grow even before the speech of Powell as Bitcoin regained the $17,000 level and Ethereum went back above the $1,300 price line.

This year, the Fed has been demonstrating a hawkish policy, raising interest rates several times starting from March and pushing them to record highs since the mortgage market crisis in 2008. These rate hikes have been the major reason for Bitcoin and other cryptocurrencies rolling back in price this year and even this week.

The analytics team at Santiment data aggregator stated that equities and cryptocurrencies responded to Powell's speech by going up, and the analysts believe that a strong bullish support has now formed.

"Hell of a Number" of SHIB Tokens Burned in November: Details

David Gokhshtein stands by Bitcoin at $250,000

As reported by U.Today earlier this week, founder of Gokhshtein Media and former U.S. congressional candidate David Gokhshtein tweeted that he does not expect Bitcoin to reach $1 million as many news articles have recently been claiming.

Instead, he expects the flagship cryptocurrency to reach a "modest" $250,000, and that would do for him.

Gokhshtein has tweeted earlier that he holds large amounts of Bitcoin and Ethereum, as well as XRP, DOGE and Shiba Inu tokens.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at