Sorry, those hoping for November, the macro instability signals a sideways month
Bitfinex stated that macro conditions indicate consolidation, but others are optimistic that Bitcoin will rise as usual in November.
November may not be a saving month for Bitcoin, as cryptocurrency analysts say this cryptocurrency could break its historically strong gains in November and instead trade sideways.
Analysts at Bitfinex reported on Tuesday that: "The current macroeconomic context with loose policy, but mixed signals from the Fed, supports consolidation as a necessary stabilization phase before volatility can extend back."
Analysts further noted that Federal Reserve Chairman Jerome Powell has "hinted at uncertainty" regarding the prospect of an additional 25 basis point rate cut when the Fed meets in December.
The likelihood of the Fed cutting rates is below 70%
According to CME's FedWatch Tool, the likelihood of the Fed cutting rates over the past two months has fluctuated near 90% or higher, but currently, the market only sees a 67.9% chance of the Fed cutting further at the meeting on December 10.
The Fed cutting rates and expectations for continued rate cuts are generally favorable for cryptocurrencies, as investors tend to shift away from safer assets like time deposits and bonds to pursue higher returns.
