Bitcoin Price Prediction as BTC Reaching this Critical Support

Pathik Bhattacharya
Pathik Bhattacharya
Published on May 03, 2023 06:02 AM

Bitcoin is at risk of sliding below the important 50-day moving average ahead of the US Federal Reserve's monetary policy announcement.

bitcoin price prediction ahead of FOMC meeting
Source: Unsplash

Bitcoin Price Prediction sees a decline on Tuesday prior to the FOMC meeting on the 3rd which is expected to increase interest rates. 

On Wednesday, the Federal Reserve of the United States will announce interest rates. Powell, Chairman of the Federal Reserve, will make the announcement on May 3. The agency is anticipated to hike interest rates by 25 basis points. However, if this increase goes through, it will be the agency's tenth consecutive rise.

The FOMC meeting is crucial since markets may get turbulent if the authority chooses to raise interest rates. Meanwhile, this will be the cycle's final rate hike, encouraging investors to enter the market.

For many days leading up to the United States Federal Reserve's rate raise monetary policy announcement on May 3, the market will be under selling pressure and turbulent.

Let's discuss how Bitcoin price prediction will move in accordance with the next Fed meeting.

Bitcoin Price Prediction as BTC Breaking Through the Pattern

Standard Chartered Bank, BCA Research, and Bloomberg Intelligence have all identified potential routes to $100,000. "The recent banking-sector crisis has helped to re-establish Bitcoin's core use case as a decentralised and scarce digital asset," stated Geoff Kendrick, Standard Chartered's director of crypto and EM FX West research, in a note.

According to BCA Associate Vice President Juan Correa-Ossa, Bitcoin has the potential to partially replace gold as a store of value in a digitalizing society in the long run. Correa-Ossa said in a letter that if the token hit 25% of the market capitalization of the yellow metal, Bitcoin's price would be $160,000.

None of the experts believes such paths are unavoidable, but the fact that they are being considered indicates a shift in tone from 2022 when digital assets plummeted and the FTX market was the focus of a string of meltdowns.

Bitcoin Price Prediction: Daily Chart

Bitcoin (BTC) is currently trading at $28,103.30, with a 24-hour trading volume of $16,453,014,956. This indicates a -1.77% decrease in the previous 24 hours and a 2.16% increase in the last seven days. Bitcoin has a market valuation of $544,137,629,661 with a circulating supply of 19 million BTC.

Bitcoin is breaking the rising pennant pattern which indicates that Bitcoin will soon experience a bear pressure. The local resistance is at $27,439 and if BTC breaks the current pattern, prices are likely to move down to test the local support as per Bitcoin price predictions.

BTC's price fell below the crucial 50-MA level of $28.2k on the daily timeframe after failing to hold above the 20-MA of $29k. After breaking the crucial milestone, the price of Bitcoin plummeted to a 24-hour low of $27,680. The current price is $28,011, down 2% in the previous 24 hours.

Bitcoin is also losing ground on the 1-hour and 4-hour timeframes, with the RSI approaching the oversold zone.

bitcoin price chart

Source: TradingView


In conclusion, bitcoin price prediction reveals that BTC is experiencing bearish pressure ahead of the FOMC Meeting. Most experts are anticipating BTC to value anywhere near $100,000 in a few years. Additionally, the technical indicators are showing bearish dominance for short and mid-term Bitcoin price prediction.

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