Bitcoin (CRYPTO: BTC) could potentially slip to a bottom of $40,000 if the Federal Reserve lowers interest rates in the upcoming FOMC meeting as anticipated.
What happened: In a forecast going against the broader market’s expectations, analysts at cryptocurrency exchange Bitfinex said in a note to Benzinga that the leading cryptocurrency might fall by 15-20% from its price at the time of the probable rate cut.
That said, the analysts cautioned that the estimates are speculative and subject to significant variation based on evolving macroeconomic conditions.
“September has traditionally been a volatile month for Bitcoin, with an average return of 4.78% and a typical peak-to-trough decline of 24.6%,” the analysts said. “This volatility is often attributed to the …
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