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 cryptos continue to slide as Fed's hawkish shift weighs on market sentiment.

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 Markets React to Hawkish Shift

Bitcoin ($BTC) and Ethereum ($ETH) extended their losses on Thursday, with both cryptocurrencies falling below their respective 50-day moving averages. XRP and Dogecoin also slid, with the latter losing 15% of its value in the past 24 hours.

Analyst Sees Upside Potential for Bitcoin

Despite the bearish sentiment, one analyst remains optimistic about Bitcoin's prospects. In a note published on Thursday, the analyst set an upside target of $80,000 for $BTC if it holds $64,000 as support. The analyst cited the cryptocurrency's Relative Strength Index (RSI) as a key reason for the bullish call, noting that $BTC's RSI has fallen to a 5-year low.

Market Sentiment Remains Bearish

Despite the analyst's upbeat forecast, market sentiment remains bearish. The Crypto Fear & Greed Index has been stuck in the "extreme fear" territory for several weeks, indicating that investors are still extremely risk-averse.

What It Means for Investors