Veröffentlicht von • The upcoming week could be critical for BTC as Bitcoin price is struggling to reclaim support above $28,000.
• Analyst Michael van de Poppe says that if BTC can break out after a successful retest of the 200-day moving average, it could signal the end of the current correction and the start of a new bull market.
• However, if BTC fails to break above this level, it could fall to past recent lows with the key target at $25k or lower.
Key Economic Events Ahead
The next week will be significant for Bitcoin (BTC) as several economic events are expected to take place that could have an impact on its price. These include US GDP revisions, minutes from the last Federal Open Market Committee (FOMC) meeting and the core personal consumption expenditure (PCE) deflator – which is the Fed’s preferred measure of inflation. Additionally, a decision or vote on debt-ceiling talks is also expected in this period.
Bitcoin Price Outlook
Crypto analyst Michael van de Poppe believes that Bitcoin’s price outlook for next week will depend on how these events affect broader markets. He noted that BTC’s retest of the 200-day moving average has historically signaled an opportunity to accumulate and if it can break out above this level it could signal a new bull market. However, he warned that if BTC fails to break out then a deeper correction may occur, making next week a “make-or-break” situation for bulls.
Bullish Outlook
If Bitcoin manages to successfully recover and reclaim support above $28k then this could lead to further gains over time as bullish sentiment returns to the market and more investors enter into cryptocurrency markets with optimism about future prices. Additionally, given recent trends in other asset classes such as gold and stocks, there is potential for further upside in crypto markets should positive macroeconomic news continue coming out over the expected events next week.
Bearish Outlook
On the other hand however, should economic news take a bearish turn then this could lead to further losses in crypto markets as investors become more skeptical about their long term prospects and move their capital into safer investments such as gold or bonds instead. Additionally, technical levels such as resistance at $30k may act as barriers preventing further gains should prices fail to overcome them before any negative news arrives from any of these events scheduled for next week.
Conclusion
Overall therefore it appears that next week will be critical for understanding whether Bitcoin will resume its bullish trend or suffer from further losses over time due to investor sentiment being affected by macroeconomic events taking place during this period across major asset classes worldwide.