Expert Analysts’ Latest Market Predictions and Bitcoin Outlook
Professional analysts’ market forecasts are attracting more attention from investors, and QCP analysts excel in this field. They recently published their latest market evaluation on Tuesday, September 19th. It is important to consider their current comments as we have extensively reviewed their past predictions. So, what do the experts’ latest predictions tell us?
Crypto Analysts’ Comments
The announcement of the Fed interest rate decision is scheduled for tonight, and there are about 21 hours left. This meeting decision, which is not so exciting for investors, was priced in days ago. FedWatch data strongly expects interest rates to remain unchanged. If interest rates are kept steady at this meeting, the possibility of announcing an interest rate ceiling today or on November 1st will increase even further.
QCP analysts stated the following in the first part of their latest market evaluation:
“Ahead of this week’s meeting, the volatility on the S&P 500 has been experiencing its longest consecutive series (80 consecutive days) of trading below 19 since 2020. The 2020 record was broken in a spectacular fashion, and the Covid crash sent volatility to its sharpest rise on record shortly thereafter. Will we see another similar volatility squeeze of epic proportions?”
Everyone expects an increase in volatility in the stock market and crypto, but QCP analysts have more to say:
“We are skeptical that this meeting will trigger that volatility. With little time left until one of the last three meetings of the year, we expect a very low appetite for tightening within the FOMC. Considering the rising fuel prices and recovering inflation, we do not expect Powell to adopt a soft tone.”
According to these opinions, it will be difficult for us to see a strong recovery in the crypto markets.
QCP Analysts’ Predictions
Experts expect Powell to paint a blurry picture that suppresses volatility. The general consensus among analysts is that the negative trend in the stock market and cryptocurrency markets will continue. If oil surpasses the critical threshold of $100, this situation could further challenge the Fed due to the resulting impact on inflation.
In their predictions about the price of Bitcoin, QCP analysts shared the following chart and said:
“In BTC, the C Wave of our expanded circle’s current Wave 2 has bounced as we expected so far. However, for our count to be solid, we still need to see the super important Wave 3 that breaks the local bottom levels.”
If it moves as planned, BTC could fall below $24,000 in a short period of time.
“For the bearish scenario to be invalidated, the price of BTC needs to close above $32,000. A big reason for this bounce we have seen is the rumors about Mt. Gox being postponed to 2024. An official announcement could bring a short-term bounce. However, considering that global risks will continue to put pressure on the crypto markets in the 4th quarter, we expect these news-driven increases to quickly fade.”