Forecasts for BTC to USD
BTC/USD Outlook: Slightly weaker, but likely to move sideways, as Bitcoin remains below its 90-day average and mid-range within its recent fluctuations.
Key drivers:
• The U.S. government's establishment of a Strategic Bitcoin Reserve enhances Bitcoin's profile, positioning it favorably as a digital asset.
• The ongoing weakness of the US dollar, driven by fears of political instability and anticipated rate cuts by the Federal Reserve, adds downward pressure on BTC/USD.
• Upcoming labor market data could influence perceptions of the Fed’s next policy steps, potentially affecting the USD's strength.
Range: Expect BTC/USD to drift within its current range as external factors exert moderate influence without clear direction.
What could change it:
• An upside risk could arise from positive developments in regulatory frameworks for cryptocurrencies, promoting wider adoption.
• A downside risk exists if negative geopolitical developments or signs of economic weakness in the US lead to a stronger USD, dampening Bitcoin's appeal.
