Bitcoin Price Prediction: BTC Drops Below $64K, Could Hit $500K by 2028, Says Analyst

Bitcoin (BTC) has recently faced downward pressure, slipping below the $64,000 mark and reaching an intra-day low of $63,580. Market volatility is driven by escalating tensions between Iran and Israel and a dovish Federal Reserve outlook that has kept interest rates unchanged while hinting at potential cuts in September.

Notably, economist Timothy Peterson’s Bitcoin price prediction suggests BTC could surpass $500,000 by 2028, citing historical trends and adoption patterns, underscoring the cryptocurrency’s long-term growth potential despite current market pressures.

Fed Hints at Rate Cuts: Impact on Bitcoin Price

The Federal Reserve has maintained interest rates at 5.25%-5.50% but hinted at a potential cut in September if inflation stays in check. This announcement briefly pushed Bitcoin below $65,000. Federal Reserve Chair Jerome Powell suggested that a rate reduction might be on the horizon, supported by weaker economic data.

Volatility Alert #FOMC meeting today at 11:30 PM IST

Everyone is waiting for the Fed's decision and hints about future rate cuts.

But it is expected that there will be no rate cuts. Current rate is 5.5%. pic.twitter.com/HrHk7FWWkk

— Rananjay Singh (@TodayCryptoRj) July 31, 2024

The recent ADP report indicated slower job growth, with only 122,000 new jobs added in July, falling short of the expected 150,000.

Additionally, annual pay increased by 4.8%. This weak data and a significant drop in 10-year U.S. bond yields, reflecting decreased confidence in future economic growth, reinforce expectations for a rate cut.

Analysts such as Michael van de Poppe and Daan Crypto Trades believe these developments could be positive for Bitcoin and other cryptocurrencies.

They predict that the upcoming Fed decision might lead to short-term price fluctuations in the crypto market.

Key Points:

Interest Rates: Fed holds rates at 5.25%-5.50%.
Job Growth: July saw only 122,000 new jobs.
Bitcoin Impact: Prices briefly dipped below $65,000.

Analysts anticipate potential positive effects on BTC prices if a rate cut occurs.

Timothy Peterson Predicts Bitcoin Could Exceed $500,000 by 2028

Economist Timothy Peterson has forecasted that Bitcoin’s price could surpass $500,000 by the 2028 halving, citing the strong historical relationship between halvings and price growth.

Peterson anticipates an annual return of about 70%, with Bitcoin potentially exceeding $1 million around 450 days after the 2028 halving.

Historical data supports this optimism, showing that Bitcoin has been profitable 98.5% of the time over its 5,096-day history.

Bitcoin's price is directly and exponentially proportional to the square root of the number of halvings. A combination of adoption curve math and Metcalfe's Law puts Bitcoin's price well over $500,000 by the next halving in 2028. This implies an annualized rate of return of… pic.twitter.com/Kx0GGRDWUf

— Timothy Peterson (@nsquaredvalue) July 30, 2024

Bitcoin’s price has skyrocketed nearly 95 million percent, from just $0.07 in August 2010 to about $66,500.

This dramatic growth is due to Bitcoin’s capped supply of 21 million coins and increasing demand, which boosts its adoption and value.

Peterson’s forecast could boost bullish sentiment among investors, highlighting Bitcoin’s strong growth potential.

With historical profitability and a promising future, investors may be encouraged to buy Bitcoin, potentially driving up its price.

Bitcoin Price Prediction

Bitcoin (BTC/USD) is currently trading at $64,360, down 0.40%, reflecting some pressure as it hovers near key technical levels.

The 4-hour chart shows a pivot point at $63,450, which is crucial for determining the market’s next move.

Immediate resistance levels are at $65,210, $66,390, and $67,510. Support is found at $62,430, $61,420, and $60,240.

The Relative Strength Index (RSI) stands at 35, indicating oversold conditions and potential for a rebound.

The 50-day Exponential Moving Average (EMA) is at $66,350, highlighting resistance to upward movement.

However, a double-bottom pattern suggests a buying opportunity above $63,500. A break below this level could trigger a sharp sell-off. Traders should watch these levels closely for potential shifts in trend.

Memegames ($MGMES) Presale: An Exciting New Meme Coin on the Horizon

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As meme coins continue to capture the crypto market’s imagination, Meme Games promises to be a standout contender.

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Presale and Future Prospects

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The presale offers a great entry point for investors looking to capitalize on this potential growth. With a market cap target of $792,208, the $MGMES presale is well on its way to success.

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