Majority of people said there won't be any interest rate hikes this time and it will be paused "which is going to be bullish for crypto" but well it didn't worked out exactly.
Powell choose to spoke once again and it was hawkish market went down but let's dive deeper and see what lies ahead.
Crypto in the Wake of FOMC
We know rates are paused and market in the beginning reacted positively pumped a bit and than got rejected from resistance when Powell started speaking bearish.
He still says there will be one more interest rate hike that I suppose next month and inflation can still go up, these are uncertain time According to him.
Expensive price of energy and all that he was given on apple ipad to speak to us.
FOMC reaction
bitcoin is -3.37% down since the FOMC and rate paused was mentioned with Powell speech.
The dollar was going down at first than it regained the momentum while Powell was making moves and we saw a dump that was slow.
It is said to be most absurd FOMC volatility in crypto.. nothing much reaction and it was pretty much nothing.
Rate paused did nothing it's just crypto bulls got bullish before FOMC and than lost there one last chance in this Q3.
if a crash happened..
I expect a one last crash like -9 to -15% flush in one or two candles before this Q3 comes to an end ever since Q3 started crypto is in a downtrend and this September could end like that way or first week of October could also be the week.
If it does go down it'll be $23.7k range to bid and if not 25k range is a good to go in Q4.
A Bullish Market Lies Ahead
In last quarter of this year reason I expect market to perform and make big move is a complete Q3 down only chapter coming to an end.
Fear is in the streets, majority of people are sidelines with capitals not interested to invest.
ETF's date coming ahead, ETH/BTC pair at lows, MTGOX date is delayed to next year 2024.
And majority of Alt's are already down -50 or more from all time high (ath) and it could go another -60% or more easily if things goes out of control.
Bottom is In..
A question to ask is if bottom is already priced in since we've made a push from $24.6k range to $27.6k and then after FOMC one day charts looks bad again.
Single day can't decide but last remaining days of September aka Rektember is scary.
In my opinion one more flush and than up only will begin in market once and for all before the pain begins in last months of this year.
Wrapping Up...
In the end, this is just my thesis and I see a quite bullish market ahead not Frontrunning ETF or rates.. they're high but we all know the choice most will prefer is walk back into crypto.
Hopefully you've found some insights and let me know what you think about what lies ahead for market in the comments.
