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 other cryptocurrencies slide further as the Federal Reserve signals a hawkish shift in monetary policy.

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

The hawkish shift in monetary policy has sent shockwaves through the crypto market, with Bitcoin ($BTC), Ethereum ($ETH), XRP, and Dogecoin (DOGE) all experiencing significant losses. Analysts are now revising their upside targets for Bitcoin if it holds $64,000 as support.

Analyst Insights

One analyst, known for his accurate calls on the crypto market, has painted an upside target for Bitcoin if it holds $64,000 as support. According to his analysis, a break above $64,000 could lead to a surge in prices, potentially reaching as high as $80,000.

Market Implications

The hawkish shift in monetary policy has significant implications for the crypto market, particularly for Bitcoin and Ethereum. As interest rates remain elevated, investors may become increasingly risk-averse, leading to a decline in demand for cryptocurrencies.

What It Means for Investors