The cryptocurrency market took a breather on Thursday, with investors hesitant to make significant moves ahead of Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium. The speech, anticipated to provide insights into the central bank’s future interest rate plans, has investors on edge as they try to gauge the impact on financial markets.
Bitcoin, the leading cryptocurrency, traded sideways after a brief surge to $61,390 in the early hours. It consolidated around the $60,000 mark, reflecting the cautious sentiment. Ethereum, the second-largest cryptocurrency, also saw limited price movements, fluctuating between $2,600 and $2,650 throughout the day.
Despite the sideways trading, the global cryptocurrency market capitalization saw a marginal increase of 0.40% in the last 24 hours, reaching $2.15 trillion. This slight uptick suggests that overall investor sentiment remains optimistic, even amidst the uncertainty surrounding the Fed’s future monetary policy.
While the market exhibited caution, some analysts observed promising signals for Bitcoin. Bitcoin Munger, a prominent cryptocurrency analyst, highlighted the aggressive accumulation of Bitcoin by investors holding over 10,000 coins. The analyst believes that this signifies a potential upward move for the cryptocurrency in the near future.
Another prominent analyst, Seth, noticed the formation of an ascending triangle pattern for Bitcoin. A break above the upper boundary of this pattern, currently at $61,941, could propel Bitcoin above the $70,000 mark, according to the analyst’s prediction.
While the overall market remains in a state of wait-and-see, with Powell’s speech likely to provide crucial direction, these positive signals from analysts suggest that Bitcoin could be poised for a potential breakout after the speech. However, it’s important to remember that these are just predictions and the market can be unpredictable.
