Bitcoin, Ethereum, XRP, Dogecoin Slide Further Amid Fed's Hawkish Shift: Analyst Paints This Upside Target For BTC If It Holds $64,000 As Support

💡 Bitcoin, Ethereum, and XRP prices plummet as the Fed's hawkish shift raises interest rates concerns.

The Federal Reserve delivered a hawkish surprise on Wednesday, signaling that interest rate cuts remain further away than markets had hoped. Fed Chair Jerome Powell told reporters that the central bank needs "greater confidence" that inflation is sustainably declining before it will consider easing policy.

The 10-year Treasury yield surged to 4.8% in the aftermath, its highest level since October 2023. $TLT fell sharply as bond traders repriced the timing of the first cut from March to June.

Crypto Market Reactions

Bitcoin, Ethereum, XRP, and Dogecoin Prices Plummet

Bitcoin, Ethereum, XRP, and Dogecoin prices have slid further in response to the Fed's hawkish shift, with BTC currently trading at $63,500. Analysts predict that if BTC holds $64,000 as support, it may reach an upside target of $75,000. This prediction assumes that the Fed's hawkish stance will eventually lead to a decline in interest rates, which would boost the price of BTC.

Market Sentiment and Analysts' Views

The crypto market has been experiencing a significant downturn in recent weeks, with many analysts attributing this decline to the Fed's tightening monetary policy. Some experts believe that the recent price drop is an opportunity for investors to buy low and sell high, while others predict that the market will continue to decline in the short term.

What It Means for Investors