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Bitcoin remains above a key support zone despite a pullback driven by a more hawkish Federal Reserve signal, while 21Shares’ Matt Mena outlined a scenario in which the cryptocurrency could reach $100,000 by the end of Q3.
Matt Mena, Senior Crypto Research Strategist at 21Shares, said Bitcoin could climb to $100,000 by the end of the third quarter if it clears the $70,000 resistance level.
Following the Federal Reserve’s decision, BTC fell roughly 2%. Mena characterized the move as consolidation rather than a change in the broader direction, adding that the next major test is whether buyers can reclaim $70,000.
“Bitcoin itself, while consolidating in the near term, remains structurally well-positioned.”
Mena said that if Bitcoin breaks through $70,000 “with strength,” it would set up a retest of $75,000 and a move back toward $80,000, referencing prior price action in May. He added that this would position Bitcoin to end Q3 near $100,000.
“With eyes now on $70k, Bitcoin’s next resistance level, if we are able to break through $70k with strength, we are primed to retest $75k and target $80k again as we did in May – setting us up to end Q3 at the coveted $100k level.”
Mena said the Federal Reserve held rates steady under Kevin Warsh, which he described as fully expected. The more significant signal came from updated projections, with the median dot—described as the midpoint of policymakers’ rate forecasts—indicating a possible rate hike later this year.
He also pointed to inflation running at a three-year high, alongside an energy spike linked to the Iran conflict, as additional pressure on the Fed’s stance. Mena cited the Bank of Japan’s rate increase to 1%, its highest level since 1995, as another factor weighing on risk assets.
Mena highlighted that Warsh is a distinctive figure for digital-asset markets, describing him as the first Fed Chair with personal ties to the crypto industry, including an early investment in multiple crypto projects, and noting that Warsh has taken a more constructive posture toward bitcoin than predecessors, publicly stating he is a fan of bitcoin.
For Mena, the key question is whether buyers can sustain momentum after the Fed-driven pullback. He said the hawkish macro backdrop has not altered Bitcoin’s broader setup, with $70,000 acting as the threshold between near-term consolidation and another attempt at prior highs.
Ready Card users outside the European Economic Area have reportedly faced an abrupt service halt after a transition involving the card issuer disrupted the USDC spending product, according to user notices shared on X.
A notice shared…
