Bitcoin Price Could Fly Past $25k To $30k If This Happens On Wednesday

Last Updated February 22nd 2023

5 Min Read

There's a great chance that Bitcoin's price could increase significantly, exceeding the $25k to $30k range, if a specific event happens on Wednesday, namely during the release of the FOMC minutes from the US economy. This opportunity has generated interest and conjecture in crypto and the financial markets. Therefore, many are looking forward to the outcome of this event and how it could affect Bitcoin's value.

How Bitcoin Could Be Affected By The Release Of FOMC Minutes On Wednesday

The release of the Federal Open Market Committee (FOMC) minutes on Wednesday could influence the price of Bitcoin. This is because the FOMC is responsible for determining the US monetary policy. Any sign of policy changes could have a domino effect on the financial markets, including cryptocurrency.

🇺🇸FED SPEAKERS THIS WEEK:

*FOMC MEMBER WILLIAMS (WED. 5:30PM)
*FOMC MEMBER BOSTIC (THURS. 10:50AM)
*FOMC MEMBER MESTER (FRI. 10:15AM)
*FOMC MEMBER JEFFERSON (FRI. 10:30AM)

👉 https://t.co/ocjHYJJcHo $DIA $SPY $QQQ $VIX pic.twitter.com/RS8JeHPtZ2
— Investing.com (@Investingcom) February 19, 2023

James Powell, the chair of the Federal Reserve, recently talked about the ongoing deflation process at the Economic Club of Washington, commenting specifically on the decline within the goods sector. Powell further expressed great confidence in reducing inflation to a 2% target rate from the Fed's end. Although Powell's response to the full January report doesn't indicate much change in the approach of central banks to a future rate hike, he has warned about sustained robust labor data leading to an increased terminal level of the Fed funds.

During the February 2023 Federal Reserve meeting, there was a 25 basis point rise in the fed funds rate of the targeted range, which now stands at 4.5% to 4.75%. This is the second meeting in a row where the proportions of the rate hike have decreased, despite borrowing costs now being observed at their highest point since 2007. Those who trade or invest in Bitcoin will be closely monitoring the FOMC minutes, as any indication of concerns regarding inflation or alterations in interest rates could potentially affect Bitcoin's price.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Regulators Move Toward Cryptocurrency

The Securities and Exchange Commission (SEC) announced the latest custody regulation on Feb 15th that could restrict asset managers from investing customer funds in crypto assets. This proposal follows a series of recent measures regulators took to improve investor protection within a market known for its considerable price swings.

Additionally, the New York Department of Financial Services (NYDFS) directed crypto firm Paxos to halt issuing the BUSD stablecoin, because of its association with the crypto exchange, Binance. In cooperation with the NYDFS's directive, Paxos will halt the issuance of new BUSD tokens starting on Feb 21st.

The BTC/USD is increasing as investors have returned to the unpredictable digital asset market space despite repeated assurances from authorities and politicians to regulate the crypto industry.

A Hotel Based In Bahrain Announces Crypto As A Mode Of Payment

Arabian Business announced on Feb 13th that Novotel Bahrain Al Dana is now accepting crypto payments, making it the first hotel within that area to do so. The resort has teamed up with Eazy Financial Services to provide guests with the ability/option to pay their hotel expenses with cryptocurrencies. To allow this payment option via the Binance app, the hotel will set up personalized terminals at its locations.

Furthermore, Changpeng Zhao, the Binance CEO, has recommended that entrepreneurs involved in the crypto industry consider moving to countries like France, Bahrain, and Dubai (UAE), which have demonstrated their backing for bitcoin. He thinks that business owners who are devoted to their ventures should consider the option of relocating to another country without hesitation.

#Binance CEO Changpeng Zhao named favorable countries for #bitcoin business. So, the best countries for the development of new crypto projects can be Dubai, Bahrain and France.

What do you think about the development of #crypto products in these markets? pic.twitter.com/VUpKsRQkan
— GEO Pay (@geo_pay) February 15, 2023

Over the past months, several hotels in the Arabian Peninsula, such as Palazzo Versace Dubai and W Dubai - The Palm, have joined the movement of digitizing financial assets and have started accepting payment modes of cryptocurrencies. These hotels have followed the lead of Novotel Bahrain Al Dana Resort and have implemented the option for their guests to pay using digital currencies for their services.

Moreover, the Central Bank of Bahrain has approved Novotel Bahrain Al Dana Resort's decision to accept crypto payments, making it one of the first hotels in the country to enable this payment option. This move by the hotel comes at a time when the use of digital assets is becoming more widespread and has contributed to a sharp increase in the value of popular digital assets like BTC/USD.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Bitcoin Price Prediction

btbc/usd price chart

On Feb 19th, BTC/USD opened at a trading price of around $24k and is presently being traded at about $24,645, thus, reflecting a small rise in the last 24-48 hours. Bitcoin has managed to obtain a technical recovery after receiving backing near the $23,325 50% Fibonacci retracement level. This has induced a surge in purchases within the crypto market as candles have recently closed above this level. Nevertheless, the lack of price fluctuations is limiting Bitcoin's trading range.

Looking ahead, Bitcoin is encountering initial opposition at around $24,350, and a positive intersection could push it toward the range of $25,300. Within the 4-hour chart, the appearance of a "doji & spinning top" candle suggests uncertainty among traders, potentially resulting in a rebound following the FOMC minutes.

In addition, Bitcoin's upward trend is backed by the 50-day moving average, indicating the likelihood of it continuing. Hence, investors may want to observe the $24,300 level to decide whether to purchase or sell this crypto.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

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