"Before the distant target of reaching $1 million, BTC has to reach $30K first."
Following the ongoing banking crisis coupled with macroeconomic concerns in the United States (US), the cryptocurrency market is expected to see an increase during the Federal Open Market Committee (FOMC) meeting.
This is because the Fed, which intends to lower inflation to the 2% target, is likely to change its stance to the contrary following the fact that there are many banks that have experienced a drastic fall last week, including Silicon Valley Bank (SVB).
It is well known that the Consumer Price Index (CPI) rose 0.4% in February 2023 and 6% compared to a year ago, but the Nasdaq KBW Bank Index and the banking sector's benchmark stock index jumped 27.62% as investors worried about the crisis.
The US FOMC should address two issues, which is to lower inflation while preventing a larger banking crisis that could harm other industries in the country.
That streak, some analysts really believe the Fed will act more dovish by raising interest rates by 25 basis points instead of 50 basis points.
The 25 basis point increase in interest rates is capable of giving a jump to the price of Bitcoin (BTC) to break through the level of $30,000 or more, commented the analyst with confidence.
Even so, most cryptos may make a flat move ahead of the FOMC meeting before climbing, but now BTC price managed to jump 4.78% to $28,308 in the last 24 hours.
