Federal Reserve Chair Warns of Inflation, Traders Look for Market Drivers
Federal Reserve Chair Jerome Powell recently gave a speech in Jackson Hole where he expressed concerns about the high inflation rates. This has raised speculation that interest rates may remain high for an extended period. Despite this, US equities markets recovered from a sell-off following the speech, leaving traders uncertain about what could move the markets next.
Pantera Capital Predicts Bitcoin Price Action
According to analysis from Pantera Capital, Bitcoin's price could continue to follow its previous halving cycles. The next halving is expected to occur in April 2024, and if history repeats itself, Bitcoin could rise to $35,000 by that time. Furthermore, Pantera Capital believes that Bitcoin could potentially climb to $148,000 after the halving.
Will Bears Sustain Selling Pressure?
With the Bitcoin market still uncertain, it is crucial to study the charts of the top 10 cryptocurrencies to determine if bears will continue their selling pressure. Bitcoin recently declined from the resistance level at $26,833, indicating that bears are selling on rallies. The price has been confined to a range between $26,833 and $24,800, with a lack of aggressive buying near the support range being a bearish sign. If the price drops below $24,800, it may trigger long liquidations and bring the price down to $20,000, a pivotal support level. However, a close above the 20-day EMA could signal strength and potentially lead to a rally towards the 50-day SMA at $29,000.
