Bitcoin surged 5% to $117,300 after Fed Chair Powell hinted at an interest rate cut, liquidating $379.88 million in shorts. Analysts predict BTC could hit $200,000 by year-end. Ether also saw a 15% increase to $4,760. A total of $629.48 million was liquidated in both short and long positions. The sudden market recovery led to the liquidation of 150,217 traders, catching many off guard. Traders see this uptrend as a good entry point for Bitcoin. Analysts believe Bitcoin could retrace after the recent pump but overall market sentiment remains bullish. Forecasts predict Bitcoin could reach $200,000 by the end of the year.

Read more at Cointelegraph: Bitcoin Analysts Bet On $200K After Fed Hints At Rate Cuts