Bitcoin Price Prediction as BTC Approaches New High in Almost 6 Months – New Bull Market Starting?
Bitcoin is currently experiencing a surge in prices, with its value reaching a new high after almost 6 months. This has led to speculation that a new bull market may be starting.
On February 2nd, the BTC/USD opened trading at $23,723. In the last 24 hours, it has gained 3.50%, and is currently trading at $23,796.00.
The BTC/USD has fluctuated between a high of $24,239.00 and a low of $23,668.00, and its value has increased by more than 3% in the past week.
On February 2nd, the Federal Reserve hiked interest rates by 25 basis points (0.25 percentage points) to a range of 4.5%-4.75%, meeting the expectations of market participants.
Moreover, Jerome Powell, the head of the Federal Reserve, held a press conference and stated that the deflationary process in the economy had begun. Powell confirmed this by saying it is too soon to declare victory over inflation.
Jerome Powell also noted that he does not anticipate the Federal Reserve to lower interest rates this year, contrary to what several prominent analysts predict. Additionally, Powell stated that he was "not concerned" with the bond market's suggestion of one more rate drop before a pause, as some market players anticipate inflation to decline more quickly than the Fed expects.
The market has responded favorably to Jerome Powell's remarks, even though the markets had anticipated the rate rise and he had mentioned further increases. BTC/USD increased as the market reacted to the Federal Reserve's interest rate hike.
On February 1, the FASB agreed to put forth a proposed regulation on the accounting and disclosure of cryptocurrencies. This new regulation will provide guidelines to companies who own digital assets and offer investors more clarity in terms of relevant
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