Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
The Fed officials lean in favor of a pause in the rate hike cycle, strengthening hopes that the tightening cycle has ended.They say history doesn't always repeat itself, but in financial markets it often rhymes.
The Fed's previous rate cycle, which ran for three years, saw rates peak at 2.5% in December 2018, following which the central bank adopted a wait-and-watch mode for seven months. Bitcoin bottomed out in December 2018 and rose to $13,880 by the end of June 2019. "At present, the most critical macroeconomic factor appears to be a reflection of the situation in 2019 when the Fed paused its rake hikes, leading to a significant surge in bitcoin prices," Thielen added.
The 2019 playbook suggests the latest pause in the Fed rate hikes and potential end of the tightening cycle could be bullish for bitcoin.
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