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On the evening of April 29, the cryptocurrency market broadly rose. Data from OKX showed Bitcoin up more than 1% over the past 24 hours to around $77,500. Other major coins also gained: Ethereum up more than 2% to about $2,320; Solana up over 1% to around $84.50; and XRP and BNB up about 0.4%, to roughly $1.30 and $624, respectively.
Despite the broad gains, Cointelegraph cautioned that Bitcoin could face downside pressure in the coming months as the U.S. Federal Reserve prepares to change leadership. In an analysis posted on X, crypto trader CRYPTOWZRD warned that the downtrend could return from June.
CRYPTOWZRD pointed to expectations that Kevin Warsh will replace Jerome Powell as Fed chair. The trader said the transition could have significant implications for risk assets, including digital assets. According to CRYPTOWZRD, historical data suggest that when the Fed changes its chair, Bitcoin typically declines for several months before entering a new cycle, raising the question of whether a similar pattern could repeat.
U.S. equities also tend to face pressure during leadership transitions, though this year the S&P 500 remains near historical highs. Political factors are adding uncertainty as well. Before the end of his term, Powell did not cut rates, a move that is usually supportive for risk assets.
President Trump criticized Powell’s decision and said he would be disappointed if the new Fed chair does not cut rates at the first meeting in June. Powell’s last policy meeting is expected to take place on Wednesday, and the market nearly fully expects no rate cut this time.
Some signals from the U.S. economy are viewed as supportive for Bitcoin and the broader crypto market. The Fed has increased its holdings of Treasuries, injecting liquidity into the system, which typically benefits asset prices.
James Lavish, partner at the Bitcoin Opportunity Fund, said the Fed has added roughly $200 billion in Treasuries in recent months, suggesting an end to monetary tightening. However, Warsh’s stance remains unclear. Charlie Bilello, market strategist at Creative Planning, noted that while there is a tilt toward rate cuts, Warsh previously criticized maintaining low rates during periods of high inflation. Bilello also said Warsh does not support expanding the money supply, a factor that could influence the crypto rally in 2026.
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