The Bitcoin (BTC) market succumbed to selling pressure on Wednesday following the United States Federal Reserve’s decision to halt its monetary tightening cycle and pause interest rates. As expected, the Fed announced an interest rate of 5.25 percent, and the FOMC economic projections underscored the Biden administration’s commitment to combating inflation.
While Bitcoin’s price dropped by nearly 4 percent in the past 24 hours to trade around $24.9k, its dominance in the market remained high at approximately 49 percent compared to the altcoin market.
Bitcoin Price Analysis
My prediction to see $40K during this bear market rally was wrong.
My thesis was always built upon time based growth in respect to Bitcoin’s Halving cycle.
Comparing the current structure to that of 2019, the clock on hitting those numbers has… pic.twitter.com/3g2xcz4cNd
— K A L E O (@CryptoKaleo) June 15, 2023
Kaleo (@CryptoKaleo), a popular crypto analyst and influencer on Twitter, believes that the chances of Bitcoin reaching $40k during the bear market rally have significantly diminished. Previously, the analyst had expressed optimism about Bitcoin hitting $40k earlier this year, but those bullish sentiments have since waned. Consequently, the analyst expects Bitcoin’s price to range between $20k and $30k leading up to the next halving.
It is important to note that Kaleo based his prediction on the 2019 Bitcoin structure, which he believes no longer applies. “Comparing the current structure to that of 2019, the timeframe for reaching those numbers has already expired,” Kaleo pointed out.
What Comes Next?
The crypto market is currently largely influenced by the ongoing litigations in the United States involving the SEC and prominent cryptocurrency entities such as Binance, Ripple, and Coinbase Global. Once the court delivers its rulings on these three cases, the crypto market could receive the green light for mainstream adoption, driven by regulatory clarity.
In the meantime, Kaleo believes that now is an opportune time to accumulate more coins in anticipation of a bullish rally in early 2025.