Bitcoin Hits Clears $71,000 Mark as Investors Get Bullish on Rate Cut Expectations

Bitcoin investors are optimistic Wednesday that the crypto will continue its rise as expectations on Wall Street begin to anticipate a rate cut and while the U.S. dollar took a hit in the foreign markets.

Inflation’s pace slowed steadily through the last half of 2023 but has been stuck at around 3.5 percent for much of this year and the Federal Reserve said its target rate is 2 percent. The Trends Journal reported that some officials at the U.S. Federal Reserve are starting to think it might be unrealistic to expect inflation to slow even more.

Matt Hougan, the CIO at Bitwise, posted this chart to show past gains.

A lot of BTC short sellers have been smashed by the recent gains.

“Massive pocket of #Bitcoin shorts at $72K and above about to get absolutely fucking wrecked. RIP to the bears. Nothing stops this train,” The Bitcoin Therapist, a popular account, posted.

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