Bitcoin And Crypto Weekly Preview: 5 Must-Watch Events
In this week’s preview, we delve into five key events that are poised to shape the Bitcoin and crypto market. From Bitcoin’s price trajectory eyeing the $38,000 mark to the anticipated speech by Federal Reserve Chairman Jerome Powell, each event holds significant potential to influence market dynamics.
#1 Bitcoin Price Eyes $38,000
Bitcoin’s momentum remains strong, closing its sixth consecutive week on the rise. The market’s bullish sentiment is largely driven by the anticipation of a Bitcoin spot ETF and the upcoming halving in mid-April. Communications between ETF filers and the US Securities and Exchange Commission (SEC) have intensified in recent weeks, hinting at an imminent Bitcoin spot ETF arrival.
In light of this, sentiment is currently extremely bullish, especially on the spot market, which is very important for sustainable price movements.
Crypto trader Daan Crypto Trades remarked, “Bitcoin [is] trading at yearly highs with a spot premium. Open Interest in BTC is still about 25% off its highs from a few months ago, indicating a lack of overheating in the market.”
Mags, another crypto trader, hinted at the possibility that the Bitcoin price could quickly surge to $42,000 if the current key resistance is broken. He stated, “Bitcoin’s slow climb from the past 33 days is significant. With $38,000 as a crucial resistance point, breaking it could lead to a rise to $42,000.”
#2 PCE Inflation Data (Thursday)
The US Bureau of Economic Analysis is set to release the Personal Consumption Expenditures Price Index on Thursday, 8:30 am ET. This index, excluding food and energy, is a favored measure of inflation by the US Federal Reserve (Fed). Forecasts suggest a YoY change for October at 3.5% (down from 3.7%) and a MoM change at 0.2% (down from 0.3%). A confirmation of declining inflation could positively impact financial markets, including Bitcoin and crypto.
#3 Fed Chair Powell Speaks (Friday)
Fed Chair Jerome Powell is set to deliver another speech this Friday. In recent weeks, he has emphasized the Federal Reserve’s commitment to combating inflation.
Powell has acknowledged the challenges of high inflation rates and has indicated that the Fed is prepared to take necessary measures to ensure price stability, which might include continuing interest rate hikes or other monetary policy adjustments. However, the favorable inflation data may soften Powell’s stance. The market will listen closely.
#4 Chainlink Staking V0.2 Goes Live
Chainlink’s Staking v0.2 update will commence on November 28, 2023, with a phased rollout. Priority Migration for v0.1 stakeholders begins on this date, followed by an Early Access phase from December 7 for eligible community members.
General Access opens on December 11, allowing all users to participate. This update could positively influence LINK’s market dynamics in the coming weeks.
#5 Cosmos (ATOM) Hard Fork Incoming?
A potential hard fork in Cosmos’ blockchain, driven by founder Jae Kwon’s call for a split, could significantly impact the ATOM token. This follows the community’s approval of proposal 848, reducing ATOM’s inflation rate.
Kwon proposed the hard fork, AtomOne, to support both ATOM and a new token, ATOM1. John Galt, a Cosmos expert, believes this move could resolve internal conflicts and be beneficial for ATOM holders, possibly leading to a substantial airdrop.
1/8 @JaeKwon, the founder of Cosmos, has declared he will lead a fork of @CosmosHub.
If the fork happened, it would probably result in the biggest ATOM airdrop ever. And it would resolve years of political tension – very bullish for Cosmos Hub.
What you need to know 🧵 pic.twitter.com/aqM4CJccC1
— John Galt (@lurkaroundfind) November 26, 2023
#Bonus: Token Unlocks
The crypto market will see two major token unlocks this week. $524 million worth of DYDX tokens will be unlocked on November 28 for investors and the team, albeit on the DYDX chain, which is currently unsupported by centralized exchanges (CEXs).
Additionally, the SUI network will also experience a major token unlock. $48 million worth of SUI tokens, 8% of its supply, are scheduled for unlocking on Tuesday, November 28.
At press time, Bitcoin traded at $37,402.
Featured image from Shutterstock, chart from TradingView.com
