Analyst: Bitcoin may retest the $120,000 mark

On September 20th, Decrypt reported that Bitbank analyst Yuya Hasegawa stated that Bitcoin traders may need a week to fully digest the Federal Reserve's first rate cut in nine months. With continued risk appetite following the FOMC meeting, improved technical sentiment is seen as an additional positive for Bitcoin, potentially allowing BTC to test $120,000. If Bitcoin successfully breaks through $120,000, a full correction could emerge. The market may need about a week to process this outcome before returning to normal, focusing again on inflation and interest rate movements. Next week, Federal Reserve Chairman Jerome Powell and Vice Chairman and Head of Supervision Michelle W. Bowman are scheduled to speak on Tuesday. Although the revised dot plot released by the FOMC this week suggests two more rate cuts are possible in 2025, Powell did not commit to any. Traders will closely interpret every subtle shift in the speech from Powell or other FOMC members. Looking ahead to the October meeting, 72% of users of Myriad, a prediction market owned by Decrypt's parent company Dastan, expect another 25 basis point rate cut, while about 11% believe the Fed will keep interest rates unchanged. This will be the penultimate meeting of the year.