Calm Before the Storm for Bitcoin to $116,000 Amid President Trumps Calls for Rate Cuts
Having reclaimed the psychological price of $100,000 after failing to do so for a couple of months, bullish sentiments continue to rock the Bitcoin (BTC) ecosystem about the possibility of hitting $116,000 in the near future.
According to market analyst Trading Heights, BTC is brewing within this converging triangle with decreasing volume, which is a common indicator of potential for a breakout.
Based on this analysis, Bitcoin finds itself inside a converging triangle, which might trigger the bullish momentum needed for the apex cryptocurrency to skyrocket to $116,000.
If approved, Bitcoin will shatter its current all-time high of $108,786 and set a new historic high.
According to CoinGecko data, BTC was up by 24.4% in the past month to hit $108,593 at the time of writing.
Will Interest Rate Cuts Boost Bitcoins Chances of a New All-Time High?
President Donald Trump continues to make calls about interest rate cuts.
Taking on X, formerly Twitter, President Trump pointed out that the Fed ought to cut interest rates sooner rather than later.
This would be a welcome move in the crypto market because lower interest rates make borrowing cheaper. The money supply would increase in the process since investors and consumers could take more loans and spend more freely.
As a result, more liquidity usually finds its way into riskier assets, such as stocks and Bitcoin.
Therefore, interest rate cuts will enhance Bitcoins chances of hitting new historic highs, thanks to heightened demand.
Meanwhile, Bitcoin enjoys a remarkable hodl culture, given that whales recently offloaded more than 17,000 BTC in just a week.
Furthermore, Japanese investment firm Metaplanet has acquired an additional 1,004 BTC for $104.3 million, bringing its total holdings to 7,800 BTC.
Text source: ZyCrypto
