Bitcoin (BTC) and cryptocurrency prices may come crashing down, chief executive of trading service Factor Peter Brandt has said.
This could follow an imminent decision by the Federal Reserve about tax rates in the country. The drop could be as harsh as BTC falling by $10,000, he cautioned.
“The completion of a bear channel typically results in a decline equal to the width of the channel, or in this case a hard test of $32,000 or so – my guess is $28,000”, he wrote on Twitter.
The opinion by the Federal Reserve is expected today (May 4) with chair Jerome Powell will be giving a press conference at 2pm ET.
According to crypto developer and chief executive of decentralized exchange Injective Labs Eric Chen, Federal Reserve meetings are always surrounded by a lot of uncertainty.
This time, the permeation of cryptocurrencies in society and business will put further strain on traders and businesses to adjust to these realities.
The decision comes at an interesting time. According to historic data by Coinbase, May is usually the best month for BTC, but the pending decision may throw a spanner in the works.
In the meantime, you can spend some time betting and gaming at popular crypto websites that accept BTC and an array of other currencies. We recommend Bitcasino, 1xBit or FortuneJack as some of the best options.