$77K likely the Bitcoin bottom as QT is ‘effectively dead’ — Analysts
The Fed’s quantitative tightening is “basically over,” which has crypto analysts feeling slightly more bullish about its implications for the crypto market.
Bitcoin is unlikely to revisit the $77,000 price level anytime soon after the Fed signaled a slowdown in quantitative tightening (QT), says BitMEX co-founder Arthur Hayes.
On March 10, Bitcoin (BTC) dipped near the $77,000 level for the first time since November, according to CoinMarketCap data.
“Was BTC $77k the bottom, prob,” Hayes said in a March 20 X post after declaring that QT is “basically over” following the Fed’s March 19 announcement that starting in April, it will slow its securities sell-off by reducing the monthly Treasury cap from $25 billion to $5 billion.
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Author: Ciaran Lyons
