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 continue to slide 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.

Cryptocurrency Market Reaction

Cryptocurrencies are experiencing a significant decline as the Federal Reserve's hawkish stance weighs on investor sentiment. Bitcoin, Ethereum, XRP, and Dogecoin are all trading lower, with Bitcoin down over 5% in the past 24 hours. Market volatility has increased, and investors are becoming increasingly risk-averse.

Analyst Outlook

According to a recent report by a prominent analyst, if Bitcoin can hold above $64,000 as support, it could see an upside target of $80,000. This would represent a 20% gain from current levels. However, if the price falls below $60,000, the analyst expects a more significant decline towards $50,000.

What It Means for Investors