As a seasoned crypto investor with a deep understanding of the market dynamics, I find this week particularly intriguing due to the confluence of three significant events. The anticipation in the community regarding Chairman Powell’s testimony, CPI and PPI data releases is palpable. These events have the potential to significantly impact the crypto market, as they provide valuable insights into the economy and monetary policy decisions, which can influence interest rates and ultimately digital asset prices.
As a crypto analyst, I can tell you that U.Today keeps you informed by sharing the top three news stories from the previous day in the world of cryptocurrencies.
This week is crucial for crypto market: Here’s why
As a researcher studying the crypto market, I can’t help but feel a sense of tension in the air as three significant events unfold this week. Firstly, today, July 9, Fed Chairman Jerome Powell delivers his semi-annual monetary policy testimony to the House Financial Services Committee. This testimony offers valuable insights into the Federal Reserve’s economic assessment and future monetary policy plans.
Chainlink whales acquire $76 million in LINK – What’s happening?
According to cryptanalysis expert Ali Martinez’s latest report, during the last week, crypto giants have amassed over 6.2 million LINK tokens, equivalent to a staggering $76.88 million at current prices. This large-scale investment can be attributed to whales capitalizing on the market downturn and buying at discounted prices, as LINK’s price dropped by 17.17% over the past month. Furthermore, this pattern of behavior from major investors suggests their belief in an imminent price recovery for the coin. The increased whale activity led to a nearly 4% rise in LINK’s price to $13.38 on yesterday’s market, as per CoinMarketCap. However, today, the coin has shed most of its recent gains, with the current price being $12.82, representing a decrease of 2.39%.
“Minimum target is $44,000”: Grim Bitcoin price prediction issued by legendary trader
The start of the new week brought some turbulence to Bitcoin’s market, causing its price to dip down to $54,260 before bouncing back up to $57,500, resulting in a 3% recovery. Amid this downtrend, renowned trader Peter Brandt voiced his perspective on Bitcoin’s price movements. Brandt posited that the leading cryptocurrency might have formed a double top pattern, with a possible minimum target of $44,000. To bolster his assessment, he included a chart outlining his predictions, prominently displaying the level at approximately $44,000. If the double top pattern is validated, Bitcoin faces a considerable risk of experiencing further declines. However, Brandt’s stance isn’t entirely pessimistic. He acknowledged that the current peak of BTC is only around 10% below its previous high, whereas for a true double top formation, the price would need to drop by approximately 20%. This implies that the double top pattern may not fully meet the technical requirements, which might reduce the likelihood of the bearish projection materializing.
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2024-07-09 19:18