Bitcoin Price Prediction: BTC Drops Below $64K, Could Hit $500K by 2028, Says Analyst
Bitcoin (BTC) has recently faced downward pressure, slipping below the $64,000 mark and reaching an intra-day low of $63,580. Market volatility is driven by escalating tensions between Iran and Israel and a dovish Federal Reserve outlook that has kept interest rates unchanged while hinting at potential cuts in September.
Notably, economist Timothy Peterson’s Bitcoin price prediction suggests BTC could surpass $500,000 by 2028, citing historical trends and adoption patterns, underscoring the cryptocurrency’s long-term growth potential despite current market pressures.
The Federal Reserve has maintained interest rates at 5.25%-5.50% but hinted at a potential cut in September if inflation stays in check. This announcement briefly pushed Bitcoin below $65,000. Federal Reserve Chair Jerome Powell suggested that a rate reduction might be on the horizon, supported by weaker economic data.
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