bitcoin election

Bitcoin could rally as high as $65,000 following expected rate cuts later this week but analysts fear US election uncertainty could keep crypto asset prices lower for longer.

Bitcoin is “tough to call” and could fall as low as $53,000 or as high as $65,000 following the Federal Reserve’s decision on rates on Sept. 18, according to Australian crypto trading firm Zerocap.

Jonathan de Wet, the chief investment officer at Zerocap, told Cointelegraph the market is now anticipating a 62% chance that the Fed will cut rates by a minimum of 50 basis points (0.5%), which he said already contributed to the brief rally that saw Bitcoin touch $60,000 on Sept. 13.

However, Wet said the price action is “tough to call” due to lingering uncertainty around the impact of rate cuts in the short term and is only complicated further by the precariousness of the upcoming US election in November. 

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