Bitcoin (BTC) Gains Weaken as Dollar Rises in Fed Week

According to certain cryptocurrency experts, the price of Bitcoin will continue to fall.

Although the recent price movements have reduced their dependence on the stock market, the correlation between the two assets remains very high.

Experts expect the Federal Reserve to turn after the November policy meeting. Investors are advised to remain cautious when pushing for purchases at this time.

Meanwhile, after the ECB rose to 75 basis points as expected, the dollar price rose slightly as the euro depreciated. It also rose in anticipation of the Fed's upcoming meeting.

High-profile advocates remain optimistic

MicroStrategy Executive Chairman Michael Saylor is convinced that the price of Bitcoin could reach $70,000 in the next four years. The expert also predicts that if Bitcoin matches the market valuation of gold, its price will climb to $500,000 within the next decade.

Markus Thielen, Matrixport's head of research and strategy, has a similar take on the price target. The executive predicts that "Bitcoin will be trading at around $63,160 by March 2024." Many traders believe the bitcoin price is still rising and will continue to do so for many more trading days.

According to veteran cryptocurrency trader Scott Redler, the largest cryptocurrency appears to be breaking out of a downward triangle pattern so far. Meanwhile, trader Jake Wujastyk sees bitcoin on track to reach the $24,000 to $25,000 price range.

Many seasoned investors believe that Bitcoin will enter a new phase of growth with the potential to reach $29,000 in the near future.

In a public statement, Robert Kiyosaki, the acclaimed author of "Rich Dad, Poor Dad," recommended buying bitcoin before the Federal Reserve turns

    With wit.

    "As the Fed continues to rise, gold and silver prices are plummeting. Silver is out of stock, so I'm buying physical gold coins. Raising interest rates will kill the economy. Stocks, bonds and real estate will collapse. The Fed will turn. Buy gold, silver and bitcoin before the Fed turns."

Kiyosaki believes bitcoin can be a safe haven when the global economy collapses and the world becomes geopolitically unstable.

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