Will Bitcoin touch USD 30,000 this week? All eyes on US Fed FOMC Meeting

Bhubaneswar: The ongoing global banking crisis and concerns over macro-economic situation has once again brought favorable times for the cryptocurrency. However, the big question is – Will Bitcoin cross USD 30,000 this week ?

The price of Bitcoin, the world’s most popular cryptocurrency crossed the USD 28000 mark on Monday ( 20th  March ) and later corrected slightly to USD 27,526.

Over the past 7 days, the value of Bitcoin has surged by 23.26%. Within the last 24 hours, the price rose by 1.06%. However, in the most recent hour, the price has declined by 1.82%. As of now, the present rate of Bitcoin stands at $27,321.19 per BTC. It is worth noting that Bitcoin is currently 60.28% lower than its all-time high of $68,789.63.

Ethereum price has corrected slightly after breaching the USD 1800 on Sunday, and is currently at USD 1758.59.

Over the past week, the value of Ethereum has increased by 9.54%. However, within the last 24 hours, the price has dropped by 1.33%. Within the most recent hour, the value has grown by 0.19%. As of now, the current rate of Ethereum stands at $1,758.59 per ETH. It’s important to note that Ethereum is currently 64.05% lower than its all-time high of $4,891.70.

Amid the banking crisis and high and rising inflation, the US Federal Open Market Committee (FOMC) is slated to meet on 21st and 22nd March. Several analysts have predicted a 25 bps rate hike by the central bank committee, which will trigger further rally in Bitcoin price above USD 30000.

On the other hand, few other analysts like Michaël van de Poppe predict a temporary correction in Bitcoin price after nearing USD 30,000 before rallying towards USD 40,000.

“I´m expecting a push towards $28,500-29,200 and then pullback towards $25K, before we´ll continue the rally to $40K” said Michaël van de Poppe.