A Bitcoin in front of Fed building
The crypto market experienced a quick correction today after recovering from the several corrections in the past week, but it’s not all bad.
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An analysis shared by Michaël van de Poppe on 28 October suggests that the correction is a healthy one for Bitcoin and was expected.
Poppe maintains that the top coin remains in a good position as long as it holds above the $112,000 price which now serves as a key support.
A little FOMC fever
The next Federal Open Market Committee (FOMC) meeting is expected tomorrow, and the outcome usually has a significant impact on the crypto market.
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As a result, Poppe says a little shaking of the market ahead of the meeting is usually normal and harmless provided it doesn’t significantly affect the prices of assets.
He is also confident that Bitcoin can hold above $112,000 and continue with its rally after the FOMC meeting, during which the Fed is expected to cut interest rates.
On the contrary if the rate cut does not happen, Bitcoin and other cryptocurrencies will likely continue with the correction, further dampening the spirits of investors and fans.
Caution rules
Investors have been watching from the sidelines to see the outcome of the meeting as well, meaning it holds the key to the next direction of the crypto market.
This is evident from the Fear and Greed Index which indicates how much confidence is in the market at the moment.
At the moment, the index is at 39 which indicates, but more volatility is expected tomorrow as investors take a stand either to enter crypto or stand by.
Meanwhile, the expectation of an altcoin rally is also low at the moment as sentiment around Bitcoin usually flows into the rest of the market, but things can turn around quickly and Poppe anticipates that after tomorrow.
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