Crypto analyst predicted bitcoin to rise after the Fed’s interest rate hikes
Pentoshi also expects tech stocks to rise in value
04.05.2022 - 15:40
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What’s new? A crypto analyst known under the pseudonym Pentoshi has predicted a rise in the price of bitcoin and tech stocks. In his view, this will happen as soon as news from the Federal Open Market Committee (FOMC) meeting of the US Federal Reserve System (Fed) reaches the market. The analyst shared his opinion on Twitter.
So many stocks at or around their March 2020 lows AFTER the covid crash. Spotify, Netflix, Zoom, Paypal, and many more. Post FOMC rally for equites and $BTC short term as many are at key pivot points looking to be setting up imo https://t.co/o7uv2b40BF pic.twitter.com/KLNWAya92v— Pentoshi 🟠🐧 (@Pentosh1) May 3, 2022
What else did Pentoshi write? The crypto analyst noted how many tech stocks were at their lows since 2020. Among them are Spotify, Netflix, Zoom, and PayPal. However, Pentoshi expects the situation to change after the Fed announces a new round of interest rate hikes. The FOMC meeting will take place on May 3-4.
Predictions from other experts. Galaxy Digital CEO Mike Novogratz believes that the growth of cryptocurrencies will be facilitated by the Fed’s easing of the industry’s regulation. Nexo co-founder Antoni Trenchev noted that in the short term, an increase in rates could lead to a fall in the exchange rate of BTC. The chief economic adviser at asset management firm Allianz Mohamed Ali El-Erian believes that bitcoin and gold will rise when the target inflation rate is increased to 3%. And Pantera Capital head Dan Morehead stated that digital currencies would be the only asset resistant to the tightening of monetary policy.
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