Crypto exchange OKEx believes the bitcoin price will surge 34% to $14,000 this year, thanks to a little help from the Federal Reserve. | Source: Shutterstock
In fact, the industry giant believes BTC will surge another 34% to $14,000 before the end of the year, thanks to a helping hand from the US Federal Reserve.
— OKEx (@OKEx) August 23, 2019
OKEx Explains $14,000 Bitcoin Price Target
OKEx predicts that the price of bitcoin is on track to move higher in response to global monetary policy, which seems biased toward easing in light of fragile economic growth.
The cryptocurrency exchange said:
“With additional rate cuts on the horizon and global central banks are jumping on the easing bandwagon, the demand for hard assets like gold is expected to surge, and that inflation-hedging drive could push the prices of bitcoin to $14,000 levels by the end of the year.”
OKEx observed that three central banks have slashed interest rates just this month.
The exchange also points out that there’s a virtually-100% chance of the Federal Reserve reducing its benchmark target again in September at the next FOMC policy meeting.
The market has priced in a 100% probability of a Fed rate cut in September. » Read Full Article «