Bitcoin on the verge of a possible rally: Expectations are rising

Bitcoin on the verge of a possible rally: Expectations are rising

Friday is looking to be a pivotal day for the future of bitcoin, especially in the wake of Federal Reserve Chairman Jerome Powell's speech at an anticipated symposium in Jackson Hole.

According to the analysis of experts, including Valentino Fournier of BRN, this event could trigger significant volatility in the cryptocurrency market.

Although the price of bitcoin is currently falling, stock markets are showing growth. Fournier points out that investors are focusing their attention on Powell's upcoming speech, as his words may hint at the central bank's future actions.

"Expectations for an increase in bitcoin volatility in the coming days and weeks are high," says Fournier, "especially within the context of speculation about macroeconomic indicators and Fed reactions."

The analyst also points to a significant increase in open interest in bitcoin futures, suggesting that investors are bracing for possible gains if Powell's speech brings positive signals. "The increase in open interest shows that the market has high expectations for the future of bitcoin," he adds.

Fournier also mentioned that Jerome Powell's speech could signal the first interest rate cut by the Fed. "If our forecasts are confirmed, we could see a rally that would push the bitcoin price between $65,000 and $67,000 before the market stabilizes again," Fournier concluded.

However, it is important to remember that this is speculation and markets can be unpredictable. It is always a good idea to do your own research and consult experts before making any investment decisions.

*This is not investment advice.