In a week full of anticipation, the bitcoin and cryptocurrency market is set to witness a series of major events that could change the trajectory of the digital assets. From fundamental bitcoin price action to crucial decisions by the US Federal Reserve (Fed), and from landmark lawsuits to influential crypto conferences, the week is packed with developments that could have substantial implications for both investors and for the crypto industry.
Here is a detailed look at the four major events expected to capture the market’s attention in the coming days.
#1 bitcoin at $40,000 This Week?
bitcoin‘s recent performance has been nothing short of impressive. The leading cryptocurrency marked its highest weekly close since May 2022, with a 15% gain last week. The bullish sentiment is further fueled by the anticipation of a spot bitcoin ETF. bitcoin is currently in a consolidation phase, but renowned technical analyst, “Titan Of crypto,” believes there is more to come.
Sharing a graph, he saying via X:
bitcoin at $40,000 next week? btc is trying to break out of both the bullish pennant and the inside bar range. Tenkan starts pointing up. If the following conditions are met: Kijun follows Tenkan, the daily candle manages to close above the range and stay above $34.5k. (So) bitcoin could teleport to $40,000 in the blink of an eye.
#2 Fed and FOMC Rate Decision
The Federal Open Market Committee (FOMC) will make its rate decision on Wednesday, November 1, 2023 at 2:00 p.m., followed by a press conference with Fed Chair Jerome Powell at 2:30 p.m. . The consensus among analysts is that the FOMC will keep the target range for the federal funds rate between 5.25 and 5.5. The CME FEDWatch tool supports this: 96.2% do not expect any change.
In particular, market conditions have become much more fragile than a year ago. The Federal Reserve must approach its battle against inflation carefully, as it cannot afford a serious recession.
Bank of America commented on the upcoming meeting, indicating, “We still do not expect a hike in November, as the Federal Reserve is clearly concerned about the extent of the financial tightening. But today’s strong spending and inflation data keep a December increase on the table.”
Economists at Goldman Sachs added: “Federal Reserve officials appear to have signaled that they will not raise their prices at their November meeting next week… the story of the year so far has been that the economic reacceleration has not prevented a greater rebalancing of the labor market and progress in the fight against inflation. .”
#3 Sam Bankman-Fried trial nears end
The high-profile trial of Sam Bankman-Fried, related to the collapse of the FTX exchange, is coming to an end. like the trial resumes On Monday, October 30, 2023, Bankman-Fried will continue her direct examination by her defense attorney, presenting an alternative narrative to the testimonies of former employees and witnesses against her.
After this, the government will question him, which could lead to a rebuttal from the prosecution. This part of the trial is expected to consume most of the week, with the jury likely to make a decision late next week.
#4 Solana Breakpoint Lecture
Solana Annual Breakpoint conference will begin today in Amsterdam, Netherlands. The event, which will take place from October 30 to November 3, will feature Solana Labs CEO Anatoly Yakovenko, key project leaders from the Solana ecosystem, and speakers from Stripe and Visa.
Historically, Breakpoint has been a platform for major announcements. Last year, Solana Labs unveiled a $100 million social media fund and a $150 million blockchain gaming fund. This year, there are rumors surrounding RNDR, the Render Network team, which is expected to release Render 2.0 soon. The entire conference will be broadcast live on X and Solana’s YouTube channel.
At press time, bitcoin was trading at $34,555.
Featured image by Matt Noble/Unsplash, chart by TradingView.com
