Can Bitcoin Hit $70K? Fed Rate Cut Might Be Key
Bitcoin’s price is once again in the spotlight as it inches closer to a crucial level ahead of the Federal Reserve’s upcoming rate cut decision. The cryptocurrency recently crossed the $60K mark, gaining over 4% in just 24 hours. But the real test lies ahead – will the Fed’s expected rate cut be enough to push Bitcoin beyond $61,900 and trigger a rally to $70K?
Bitcoin’s Technical Breakout: $61,900 Is the Magic Number
Popular crypto strategist, Rekt Capital, highlights that Bitcoin has been forming lower highs since late July. For BTC to break its current pattern and enter an upward trajectory, it needs to close firmly above $61,900. If that happens, Bitcoin could be on its way to another major rally, potentially hitting $70K.
Historically, Bitcoin sees a breakout about 150-160 days after a halving event, with analysts predicting that this September could be a crucial turning point. However, September has typically been a weak month for Bitcoin, with average losses of around 4.48%. In contrast, October usually brings gains, with an average increase of 22.9%. So, it’s possible we’re in the final phase of consolidation before a significant upward movement.
Fed Rate Cut: A Blessing or a Curse?
The US Federal Reserve is expected to announce a rate cut at the upcoming FOMC meeting, likely between 25 and 50 basis points. The potential impact of this on Bitcoin has sparked a debate among analysts.
The general consensus is that a rate cut would increase liquidity, which could boost risky assets like Bitcoin. However, not everyone agrees. Economist Peter Schiff, a long-time Bitcoin skeptic, warns that the rate cuts might backfire. According to Schiff, lowering rates could crush the US dollar and trigger inflation, which might not be favorable for Bitcoin in the long run.
On the other hand, SkyBridge Capital founder, Anthony Scaramucci, is bullish. He believes that even if Bitcoin doesn’t immediately soar, the Fed’s decision will eventually propel it to new highs by the end of Q4.
Market Sentiment Divided
While some see the Fed’s move as a catalyst for a Bitcoin rally, the market is divided. Senator Elizabeth Warren has called for a larger 75 bps rate cut, but it’s unlikely that the Fed will go that far. However, even a smaller cut could bring short-term gains for Bitcoin, as traders and investors flock to riskier assets amid looser monetary policy.
What’s Next for Bitcoin?
All eyes are on the Fed as the market awaits its decision. If Bitcoin can hold steady above $61,900, a rally to $70K could be on the horizon. But with mixed market sentiment and the potential for inflation, the outcome is far from certain.
As always in the volatile world of crypto, traders should proceed with caution, keeping a close watch on both technical indicators and macroeconomic events.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
My work centers on understanding how blockchain, AI, and digital identity are reshaping global industries. At Spearmint, I help lead the direction of initiatives that bring clarity, structure, and meaningful user experiences to complex technological environments. I focus on bridging vision with execution, ensuring that innovation remains practical, scalable, and aligned with long-term growth.
As an author at Coinography, I create insights that translate fast-moving Web3 developments into clear, useful narratives. I explore topics such as decentralized governance, digital identity, creator economies, token models, protocol design, and the shifting cultural patterns around emerging technology. My aim is to make digital transformation more understandable and approachable for a wider audience.
I believe that Web3 is not only a technological shift but a cultural and creative one. Strong ideas, thoughtful communication, and human-centered design will shape which technologies thrive and how communities evolve around them. My writing and research reflect this belief, focusing on clarity, relevance, and long-term perspective.
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