bitcoin price is bitcoin-news/bitcoin-failed-attempt-to-break-64000-could-lead-to-a-disaster-analyst/” rel=”nofollow noopener” target=”_blank”>back above $64,000which sparked bullish sentiments that the long-awaited 'Uptober' rally is about to begin. TRUE bitcoin-a-roadmap-to-next-rally/” rel=”nofollow noopener” target=”_blank”>macro events They are happening this week, which market participants should keep an eye on as they could impact the crypto market.
Macro Events to Watch as bitcoin Price Hits $64,000
bitcoin-tumbles-following-higher-than-anticipated-us-core-inflation-data/” rel=”nofollow noopener” target=”_blank”>Macro events To watch this week include retail sales data for September, which will be released on October 17. This metric, which tracks consumer demand for finished products, is important as it provides information about the current state of the US economy. These macro data are also part of the information that guides the US Federal Reserve regarding rate cuts.
Manufacturing data from the Philadelphia Federal Reserve will also be released on October 17 and will assess how companies in the manufacturing industry have grown. Meanwhile, September home construction data will be released on October 18. These economic data are important since there is still uncertainty about whether the btc/bitcoin-price-surges-fed-rate-cut/” rel=”nofollow noopener” target=”_blank”>The Fed will cut rates by 25 or 50 basis points (bp) or, where appropriate, not at all.
In line with this, it is also essential to closely follow the 11 Fed speaking events this week. Federal Reserve Governor Christopher Waller will deliver remarks on October 14, while Governor Adriana Kugler will deliver her speech on October 15. These speakers could provide insight into the current Fed situation, whether dovish or hawkish, ahead of the November FOMC meeting.
Additionally, some S&P 500 companies, including financial firms such as Morgan Stanley, Goldman Sachs and Citigroup, will release earnings this week. Given The bitcoin Correlation Much like the stock market, a positive earnings report for these companies could provide a bullish outlook for the price of bitcoin and, by extension, the broader crypto market.
What's next for bitcoin price with a rise to $64,000?
With bitcoin price Hitting $64,000, there are questions as to whether this means the flagship cryptocurrency is back in bullish territory. However, according to crypto analyst Ali Martinez Analysis, bitcoin will need to break above $66,000 successfully to confirm that a bullish reversal is in play.
Martinez believes that bitcoin will likely rally to $66,000, then drop below $60,000 again and retreat to $57,000 before reaching $78,000. An increase to $78,000 is significant as it will mark a new all-time high for the flagship cryptocurrency, whose current ATH is $73,000.
Cryptographic analyst bitcoin-scenario-80000/” rel=”nofollow noopener” target=”_blank”>CrediBULL crypto He also believes that it is not yet the time to be optimistic about the price of bitcoin. He x.com/CredibleCrypto/status/1845677158817054988″ rel=”nofollow” target=”_blank”>predict that btc could still fall below $50,000 before reaching new all-time highs.
At the time of writing, bitcoin is trading at around $63,900, up almost 2% in the last 24 hours, according to bitcoin/” rel=”nofollow noopener” target=”_blank”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
