Bitcoin (BTC) is experiencing a slight decrease in value after reaching new highs near $36,000 following the Federal Reserve’s policy announcement. The world’s largest cryptocurrency, with its market capitalization, is currently trading at just under $35,000, down nearly 3% from its earlier session peak as short-term speculators take profits.
Despite this pullback, many experts believe that this dip presents a buying opportunity. Positive trends in the broader macro landscape contribute to this sentiment. US stocks are on the rise, and US government bond yields are declining, signaling the possibility of easing financial conditions. These factors, combined with Bitcoin’s strong performance during easing periods, could encourage investors to reenter the cryptocurrency market.
Furthermore, several other factors support a bullish outlook for Bitcoin. There are expectations for the near-term approval of spot Bitcoin Exchange Traded Funds (ETFs) in the US, which would increase institutional adoption. The upcoming Bitcoin halving in 2024 and Bitcoin’s growing appeal as a safe-haven asset also contribute to the positive narrative surrounding the cryptocurrency.
Bitcoin bulls are now setting their sights on the $40,000 level in the coming weeks. Additionally, major altcoins like Ether (ETH), XRP (XRP), and Dogecoin (DOGE) are also experiencing positive momentum, with gains ranging from 1% to 3% in the past 24 hours, according to CoinGecko. Similarly, Cardano (ADA) and Solana have seen gains of nearly 7% and 10%, respectively, over the same period.
