Forecasts for BTC to USD
### BTC/USD Outlook:
Slightly weaker, but likely to move sideways given its position below the 90-day average and near recent lows.
#### Key drivers:
• Rate gap: Bitcoin’s decentralized nature contrasts sharply with the Federal Reserve's recent decision to hold interest rates steady.
• Risk/commodities: Recent volatility in oil prices could lead some investors to view Bitcoin as a potential hedge against inflation, influencing demand for the cryptocurrency.
• One macro factor: The global movement towards de-dollarization, with BRICS nations increasing their share of trade settled in local currencies, presents external pressure on the USD, further complicating its exchange with Bitcoin.
#### Range:
Expect BTC/USD to hold within its recent 3-month range, as it has shown significant volatility but remains stuck below average levels.
#### What could change it:
• Upside risk: Renewed institutional interest in Bitcoin, as seen with JPMorgan considering crypto trading for clients, could drive demand.
• Downside risk: Heightened geopolitical tensions and a continuing decline of the USD could further pressure Bitcoin's value against it.
