"BTC is busy moving in the same range, will the price suddenly go up or down?"
The price of cryptocurrency king Bitcoin (BTC) maintained its position above $71,000 as comments from Federal Reserve (Fed) Chairman Jerome Powell in an interview at the Macroeconomics and Monetary Policy Conference in San Francisco appeared calm on inflation and the economic outlook.
This is an important milestone for risky assets like crypto after the Fed was found to be in no rush to cut interest rates, but June 2024 became the broader market's favorite expected bet on the first cut to come.
While March 29, 2024 also saw the latest print of the Personal Consumption Expenditure Index (PCE) which is also known as the Fed's preferred inflation gauge, where it reportedly matched expectations at 2.5%.
Through observation, popular trader and analyst Rekt Capital expects $69,000 to be the weekly price close for BTC while fellow trader Kevin Svenson predicts the price will exceed the all-time high near $74,000.
On a different side, prominent crypto critic and businessman Peter Schiff revealed that young people are more interested in BTC than gold as it may record more growth during its short life span.
The proof can be seen how the spot BTC ETF managed to outperform the gold ETF a few weeks after the Securities and Exchange Commission (SEC) approved the most anticipated product in January 2024.
As of this writing, the price of BTC has jumped by 1.77% to $71,134 in the last 24 hours with a market capitalization of over $1 trillion and is up 6.85% over the last week.
