- Bitcoin price drops further from $104,000 to $100,000 following the FOMC meeting.
- Analysts expect BTC to recover and head towards its next ATH target.
- $112,000 could be Bitcoin’s next ATH price.
Despite the ongoing crypto market dip, expectations for Bitcoin remain high. In under a day Bitcoin set a new ATH at $108,000 before dipping to $104,000. Today Bitcoin price hovers at the $100,000 price range causing a heavy market dip. However, analysts remain optimistic about where the price of Bitcoin will go next.
Bitcoin Dip Does Not Slow Down Pump Expectations
As we can see from the post above, this analyst believes that a Bitcoin price of $112,000 ATH is still in play. In detail, he says that Bitcoin price has pulled back for a double retest of the recent ATH and the trendline. He calls this a textbook price action move and expects the FOMC meeting to bring volatile activity.
This prediction came true as during the meeting, the price of Bitcoin fell from $104,000 to $100,000. One of the biggest reasons for the dip is that the FED Chairman said that the FED was not allowed to own Bitcoin. Even so, the crypto community remains highly bullish for the price of Bitcoin (BTC).
FED Chair Expects Another Good Year
Adding to the story, FED Chairman, Jerome Powell said that the market has avoided a recession and says that another good year is on the horizon. Indeed, this bodes well for the crypto market in particular as analysts expect Bitcoin price to hit $200,000 in the midst of the bull cycle playing out in the coming year.
