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Outlook: $80,000 Support Key to Bullish Outlook
US economic indicators, Fed chatter, and US BTC-spot ETF market flow trends will be drivers in the shortened week ahead.
Key US data include Q3 GDP and labor market data. An upward revision to Q3 GDP growth and stronger jobs data would ease bets on a March Fed rate cut, weighing on sentiment.
However, speculation about a more dovish incoming Fed Chair may bolster bets on a March cut, lifting sentiment. According to the CME FedWatch Tool, the chances of lower interest rates in March increased from 49.5% on December 12 to 55.8% on December 17.
Considering the current market dynamics, the outlook remains bullish, with a 6-12 month price target of $150,000. The Fed’s easing monetary policy cycle and strong BTC-spot ETF year-to-date inflows, despite the market correction, suggest a potential breakout year ahead. Crypto-related legislative developments may also boost demand, given the progress of the Market Structure Bill on Capitol Hill.
Stay informed on BTC trends by monitoring macroeconomic developments, ETF flows, and technical indicators here.