As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of bull and bear runs. The recent surge in Bitcoin price above $64,000 has certainly piqued my interest, but it hasn’t convinced me to jump on the bullish bandwagon just yet.
The cost of Bitcoin has surpassed $64,000 once more, igniting optimistic feelings that the anticipated ‘Uptober’ surge may be starting. Keep an eye on certain significant occurrences taking place this week, as these might influence the cryptocurrency market.
Macro Events To Watch Out For As Bitcoin Price Hits $64,000
Keep an eye out for crucial economic updates this week, one being the September retail sales report due on October 17th. This figure offers valuable insights into consumer appetite for finished goods in the U.S., thereby reflecting the nation’s overall economic health. Moreover, this macro data is instrumental in informing decisions about interest rate adjustments by the U.S. Federal Reserve.
On October 17, we’ll receive updates on the manufacturing sector in Philadelphia through their data release. This information helps us understand how these businesses have expanded within the industry. Moving on to October 18, we’re looking forward to the September Housing starts figures being published. Both of these economic indicators are crucial because it remains unclear whether the Federal Reserve will lower interest rates by 0.25% or 0.50%, or if they will choose not to adjust them at all.
Keeping this in mind, it’s just as important to keep track of the 11 Fed speaker events happening this week. On October 14, Fed Governor Christopher Waller is scheduled to speak, and on October 15, Governor Adriana Kugler will take the stage. These speakers might offer valuable insights into the Fed’s current stance – whether it leans more towards accommodative (dovish) or restrictive (hawkish) – before the November FOMC meeting.
Furthermore, several companies in the S&P 500 index, including financial institutions like Morgan Stanley, Goldman Sachs, and Citigroup, are due to release their earnings this week. Since Bitcoin’s value often mirrors the stock market, a strong earnings report from these firms could create a positive sentiment for Bitcoin prices, potentially boosting the entire crypto market as well.
What Next For The Bitcoin Price With Rise To $64,000
After Bitcoin reached $64,000, there’s speculation about whether this marks its return to a bullish market trend. But according to crypto analyst Ali Martinez, for a definite bullish turnaround, Bitcoin needs to surpass $66,000 convincingly.
According to Martinez’s prediction, Bitcoin is expected to surge back up to around $66,000, but may dip below $60,000 again and fall to approximately $57,000. After this retracement, the digital currency might then climb towards an impressive new peak of $78,000 – a significant milestone as it would surpass its current all-time high of $73,000.
As a dedicated researcher in the realm of cryptocurrencies, I share the same sentiment as CrediBULL Crypto. At this juncture, I don’t find it opportune to be optimistic about Bitcoin’s price surge. My predictions suggest that BTC might dip below $50,000 before we witness it reaching new record highs.
Currently, as I type this, Bitcoin is approximately valued at $63,900, and it has experienced a nearly 2% increase over the past 24 hours, based on information from CoinMarketCap.
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2024-10-14 15:41