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 major cryptocurrencies are under pressure after the Federal Reserve's hawkish shift.

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 Reel Under Hawkish Shift

The Federal Reserve's hawkish stance has sent shockwaves through the cryptocurrency market, with Bitcoin, Ethereum, and XRP experiencing significant losses. The price of Bitcoin has fallen below $63,000, its lowest level since January 2023, while Ethereum and XRP have also declined.

Analyst Sees Upside Target for Bitcoin

According to a prominent cryptocurrency analyst, if Bitcoin can hold above $64,000 as support, it could reach an upside target of $80,000. This would represent a significant gain for the cryptocurrency, which has been under pressure in recent weeks.

What It Means for Investors