Bitcoin set to break $90,000 despite hawkish FOMC result

▲ Bitcoin (BTC) ©Coinleaders

The price of cryptocurrency giant Bitcoin (BTC) is currently trading at around $67,000 as of Wednesday (Feb. 13).

The price of bitcoin rebounded sharply the previous day, hovering just above the $70,000 mark, following data showing a slowdown in U.S. consumer price inflation (CPI) growth.

But the gains were quickly reversed after the U.S. Federal Reserve (Fed) adopted a more hawkish stance (favoring tighter monetary policy) at its Federal Open Market Committee (FOMC) meeting.

"In the long term, there is still hope for a rally, but for now, volatility will continue until we get clarity on the Fed's plans," Bartosz Lipinski, founder of crypto trading platform Cube, told CNBC.

<"Bitcoin C fundamentals are strong and BTC volumes are flowing into spot ETFs, but sentiment has yet to catch up," he said."

Meanwhile, Cointelegraph cited a number of analysts as saying that "despite fading interest rate cut expectations, the price of Bitcoin will continue to rise to new highs and reach $91,539."

In a related development, an unnamed analyst at CryptoCon said: "According to the Magic Bacds model, which predicts future prices by identifying four upward levels based on the peaks and troughs of previous cycles, Bitcoin is currently facing resistance at level 2.5. If it breaks through, it will reach level 3 at $91,539. The final price target for this cycle is $123,832."