In a move that could signal a bullish shift for Bitcoin (BTC) and the broader cryptocurrency market, the Federal Reserve (Fed) announced a 25 basis points (bps) interest rate cut, bringing the new rate range to 3.5% to 3.75%.\u00a0<\/p>\n
Kevin Hassett, the White House economic adviser and a leading candidate to become the next Fed chair, commented <\/a>to the Wall Street Journal CEO Council that there is \u201cplenty of room\u201d for additional interest rate cuts.\u00a0<\/p>\n He stated, \u201cIf the data suggests that we could do it, then \u2014 like right now, I think there\u2019s plenty of room to do it.\u201d Hassett, who is President Donald Trump\u2019s preferred choice for the Fed chair position after Jerome Powell\u2019s tenure concludes, has been critical of Powell for being \u201ctoo late\u201d in lowering rates.<\/p>\n While the last rate cut in October had minimal impact on the Bitcoin price, analyst Michael van de Poppe believes <\/a>that the current rate cut could significantly benefit the cryptocurrency. He characterized it as a \u201cgreat move\u201d for Bitcoin and noted that a breakout above $92,000 might be indicative of future bullish momentum.\u00a0<\/p>\n Van de Poppe expressed optimism about Bitcoin\u2019s ability to maintain the support level between $91,500 and $92,000, suggesting that if it does, there could be a pathway for Bitcoin to approach the $100,000 mark.<\/p>\nCan BTC Avoid Historical 10% Decline?<\/h2>\n