Bitcoin Eyes Up to $35,000

The crypto market strong sentiment has been the driving force for Bitcoin holding above $28,000. Investors are already anticipating Bitcoin to hit $30,000 after the Fed monetary policies due to the ongoing banking crisis.

With volatility amid the U.S Federal Reserve FOMC meeting today Bitcoin still recorded its biggest quarterly gain since 2021 with the past 24 hours hitting a 9 month high of $28,527 on Monday.

Bitcoin slowly is replacing Gold according to analysts as most consider investing in Bitcoin as a hedge against woes within the U.S and European banking sectors.

The balance sheet for the Federal Reserve is rising above $300 billion due to the banking crisis pushing Bitcoin and Gold prices as per the head of research at Pepperstone Group Chris Weston.

Reaffirmation of her bullish stance on Bitcoin by Cathie Wood CEO of Ark Invest claiming the current crisis will attract more institutions towards Bitcoin due to closure of three banks by the US regulators and the emergency take over of Credit Suisse by its rival UBS which have all destabilizing the global banking industry.

IG Australia market analyst Tony Sycamore said Bitcoin currently shows a reverse head and shoulders bullish pattern suggests a further increase in price with technical analysis indicating a similar target towards $35,000.

He added Bitcoin is currently getting a rental tailwind supporting Bitcoin with interest rate markets gone from pricing in rate hikes to pricing in rate cuts.

Michael van de Poppe expects Bitcoin to rise after the FOMC and consolidate after the key event whilst further analysis by Bendik Schei head of research at K33 revealed weekly Ichimoku Cloud indicator showing Bitcoin breaking into the cloud signals indicating potential further gains.