Bitcoin Watches the Magnificent Seven: Standard Chartered Said FED Will Determine Destiny! - Coin Bulletin

According to Standard Chartered analyst, the recent declines in Bitcoin are not specific to cryptocurrency, but are due to general market uncertainty and the recovery is based on the Fed's interest rate policy.

Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, stated that the decline in Bitcoin's price of (BTC) is more related to the general tension in risky assets in the market rather than problems originating from the cryptocurrency itself.

According to Kendrick, Bitcoin moves in parallel with the 'Magnificent Seven' group formed by technology giants like Tesla and shows similar fluctuations with companies in this group in recent times.

Kendrick pointed out two important factors for Bitcoin to recover. First, a general recovery that will occur with the increase in risk appetite in global markets; second, positive developments specific to crypto such as official Bitcoin purchases by the US or other countries. Additionally, Kendrick argues that if the Fed cuts interest rates, there could be a rapid rise in Bitcoin. The possibility of an interest rate cut at the May Fed meeting rising to 75% could help Bitcoin regain momentum.

Critical support levels for ( Bitcoin

Kendrick also points out the critical levels that Bitcoin may face in the near future, stating that if the price falls below the $76,500 support, the next support level of $69,000 could be quickly tested. However, the analyst continues to predict that Bitcoin will reach $200,000 by the end of the year while maintaining a long-term bullish expectation.

Meanwhile, Rohit Jain, General Manager of CoinDCX Ventures, believes that keeping interest rates unchanged at the upcoming Fed meeting next week could increase pressure on Bitcoin. Jain said that keeping interest rates steady could push Bitcoin back towards the $70,000 levels, and that altcoins like Ethereum and Solana could also experience similar declines.

Despite the Fed cutting interest rates three times in recent months, the likelihood of keeping interest rates stable in March is priced at 97 percent due to inflation concerns.