Günay Caymaz is a senior crypto analyst at investing.com. In his latest crypto analysis report, he revealed there is a possibility both Bitcoin and Ethereum can enter a short-term bullish trend which may last until Fed’s new rate decision.
- Caymaz indicated the highly anticipated US inflation data yesterday. Volatility in the crypto markets increased significantly. Bitcoin (BTC) and Ethereum (ETH), like US stocks, initially fell, only to rebound substantially higher later, extending the positive sentiment into the Asian trading session.
- According to the recent FOMC minutes, the US Central Bank will most likely maintain its hawkish stance for the time being. “Since the market reacted positively yesterday, a short-term relief rally in risky markets, including the crypto market, is likely before the Fed’s next rate decision in November,” he stated.
- Bitcoin hiked toward $20,000 after falling as low as $18,190 in the previous 24 hours. After testing below $1,200, Ethereum quickly returned to the $1,300 range. Both cryptocurrencies experienced remarkable lows recently, showing a possibility to turn bullish but with a short lifeline.
See Related: Bitcoin May Hit Below 18K Following Upcoming Fed Data, Crypto Analyst Cameron Fous
