Bitcoin price is back above $64,000sparking bullish sentiments that the long-awaited ‘Uptober’ rally will begin soon. Some macro events are taking place this week, which market participants should watch out for as they could impact the cryptocurrency market.
Macro events to watch out for as Bitcoin price hits $64,000
Macro events to watch this week is September’s retail sales data, which will be released on October 17. This indicator, which tracks consumer demand for manufactured goods, is essential because it provides insight into the current state of the U.S. economy. This macro data is also part of the information that informs the US Federal Reserve interest rate cuts.
On October 17, Philly Fed production data will also be published, which will allow assessing the development of enterprises in the manufacturing industry. Meanwhile, on October 18, data on housing construction starts in September will be published. This economic data is essential because there is still uncertainty about whether The Fed will lower interest rates by 25 or 50 basis points (bps) or, if at all, o.
Therefore, it is also essential to monitor 11 speeches by Fed representatives this week. Fed Governor Christopher Waller will deliver remarks on October 14, and Governor Adriana Kugler will deliver a speech on October 15. Speakers can provide insight into the Fed’s current situation, whether it is 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 report earnings this week. Given Bitcoin correlation with the stock market, a positive earnings report from these companies could provide a bullish outlook for the Bitcoin price and, by extension, the broader cryptocurrency market.
What’s next for Bitcoin’s price, which will rise to $64,000?
WITH Bitcoin price reaching $64,000, there are questions as to whether this means the flagship cryptocurrency is back in bull territory. However, based on a crypto analyst Ali Martinez analysis, Bitcoin will need to successfully break above $66,000 to confirm that a bullish reversal is in play.
Martinez believes that Bitcoin will likely rebound to $66,000, then drop back below $60,000 and return to $57,000 before breaking through to $78,000. The escalate to $78,000 is significant because it will mean: recent all-time record for the flagship cryptocurrency, whose current ATH is $73,000.
Cryptocurrency analyst CrediBULL Crypto he also believes that it is not yet time to be bullish on the Bitcoin price. He predicts that BTC could still fall below $50,000 before reaching recent all-time highs.
As of this writing, Bitcoin is trading at around $63,900, up almost 2% in the last 24 hours, according to Bitcoin data. data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
