Bitcoin, Ethereum, Dogecoin Rise After Fed Rate Hike: Analyst Predicts Bullish Wave And $32K Target For King Crypto

Major coins traded in the green on Wednesday evening following the announcement by the Federal Reserve of a 25 basis point hike in interest rates.

What Happened: Bitcoin initially experienced a 1% decline after the rate hike. however, it has since rebounded.

At the time of writing, the global cryptocurrency market capitalization stood at $1.20 trillion, an increase of 1.44% over the last day. 

The U.S. stock market saw a dip on Wednesday as the Federal Reserve increased rates. The S&P 500 experienced a decrease of 0.70%, and the Nasdaq Composite slid 0.46%. 

With the upcoming release of Friday’s US employment numbers, there is a heightened interest in how it will affect the price of cryptocurrency. 

See More: Best Crypto Day Trading Strategies

Analyst Notes: “Not all risky assets are rallying post-Fed, Bitcoin is struggling as investors anticipate possibly further support to alleviate banking stress. Bitcoin still remains anchored, unlikely to rally above the $30,000 level until the US gets some regulatory clarity,” said Edward Moya, senior market analyst at OANDA.

According to the pseudonymous analyst Pentoshi, the $25,000 region is the area where they are most interested in regarding BTC. However, they express concern about a 3D/1W close below that level. 

Pseudonymous analyst Captain Faibik predicts a bullish wave for BTC following the FOMC meeting. He sees BTC reaching $32,800. 

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