BitMEX co -founder Arthur Hayes has shared about the price level that should be used as a guide and Bitcoin price forecast based on his analysis. He expressed skepticism that the price of Bitcoin would fall until retesting the $ 28,500 price level.
The former CEO stressed that cryptocurrency prices have plummeted significantly in recent weeks even though the Fed has yet to raise rates yet. Thus he expects that the price of bitcoin will make a further correction if The Fed decides to raise interest rates in March.
He, however, expressed doubts that the Fed’s actions would not affect market behavior. According to him the market has reacted even with the inconsistencies shown by the Fed.
To deal with that, market players can prepare by observing the next real support price level of Bitcoin at $ 28,500 which was the lowest level in July last year. If this price level is broken then there is a probability that the price of Bitcoin will fall to the $ 20,000 price level.
Based on a report released today, the Fed has finally expressed its readiness to raise interest rates soon at the FOMC policy meeting that took place early this morning.
The statement was made in response to inflation rising to its highest level in nearly 40 years and the job market showing a strengthening with the unemployment rate having returned to pre-pandemic levels.
