Bitcoin Price Prediction: Will the Fed's Interest Rate Decision Trigger a Bull Run?
• Bitcoin's price has formed a bullish pennant pattern on the daily chart, suggesting a potential strong bullish breakout, especially if the Federal Reserve cuts interest rates.
• The article suggests a target of $143,280 for Bitcoin, aligning with a previous inverse head-and-shoulders pattern, but this forecast is invalidated if the price drops below $109,380.
• The Federal Reserve's interest rate decision is a key driver for Bitcoin's price, with a rate cut potentially leading to a surge to its all-time high of $123,200, as historically Bitcoin performs well during rate cuts.
• However, the likelihood of a rate cut in the upcoming meeting is low, according to CME Fed Futures, with odds of a cut in September and October being more probable.
• Besides the Fed's decision, Bitcoin's price will also be influenced by other macro events, such as the US Q2 GDP data and nonfarm payrolls report, along with increasing inflows of exchange-traded funds (ETFs).
