Analyst: Bitcoin May Revisit $120,000 Key Level

BlockBeats News, September 20th, according to Decrypt's report, Bitbank analyst Yuya Hasegawa stated that Bitcoin traders may need about a week to fully digest the impact of the Federal Reserve's first rate cut in 9 months. With the continuation of risk appetite post-FOMC, the improvement in technical sentiment is seen as an additional positive for Bitcoin, which will allow BTC to test $120,000. If Bitcoin successfully breaks through $120,000, a full retracement may come to the surface. The market may need about a week to digest this outcome, then return to normal and refocus on inflation and interest rate changes.

Next week, Federal Reserve Chairman Jerome Powell and Vice Chair for Supervision Michelle W. Bowman are scheduled to deliver speeches on Tuesday. Although this week's revised dot plot released by the FOMC indicates the possibility of two more rate cuts in 2025, Powell made no commitments.

Traders will carefully interpret every subtle change in Powell's or other FOMC members' speeches. Looking ahead to the October policy meeting, among users of Myriad, the prediction market owned by Decrypt's parent company Dastan, 72% expect another 25 basis point rate cut, about 11% believe the Fed will keep rates unchanged, marking the penultimate meeting of the year.