US President Donald Trump has confirmed that he will soon announce his decision on the next Federal Reserve chair. The announcement is seen as bullish for bitcoin and the crypto market, with some analysts predicting a potential 1,000% plus gains. In November, bitcoin price rose following Trump’s election victory, but struggled to hold onto momentum.
Federal Reserve Chair Jerome Powell faces a looming crisis that could impact the US dollar, while Tesla billionaire Elon Musk has backed a shock dollar collapse warning. The Federal Reserve is expected to keep rates on hold during its June and July meetings, with some market analysts predicting a potential rate cut in September.
If the Fed were to cut interest rates, it would be bullish for risk assets like bitcoin. Analysts at Bitfinex predict that if bitcoin maintains support above $105,000, it could target the $120,000 to $125,000 range in June. The decision on the next Fed chair is seen as a potential catalyst for rate cuts, which would have a positive impact on the crypto market.
President Trump has expressed support for former Federal Reserve Governor Kevin Warsh, who is currently the front-runner to be named as next Fed chair. Warsh outlined his plan to lower interest rates by shrinking the balance sheet in recent comments. The upcoming announcement of the next Fed chair and potential rate cuts are seen as bullish for bitcoin and the crypto market.
Source: https://www.forbes.com/sites/digital-assets/2025/06/08/trump-confirms-imminent-fed-decision-bitcoin-and-crypto-brace-for-huge-price-earthquake