Why Bitcoin is Rising: The Rise May Continue Until This Date Everyone is Waiting For!
As Bitcoin rises above $61,000, investors are closely following Jerome Powell's speech this week.
While the Bitcoin price is struggling to overcome the sharp sales in recent weeks, it rose above $61,000 again last night. This week, investors are focused on the speech that US Federal Reserve (FED) Chairman Jerome Powell will give at the Jackson Hole symposium on Friday.
In a message sent to Coindesk, Abra Prime stated that the market this week is shaped around the symposium where monetary policy will be discussed. Abra also made the following statements in its statement:
We can expect sideways price movement this week before Jackson Hole, Bitcoin is ranging between $56,000 - $62,000 and the highest volume is around $58,000 - $60,000.
On the other hand, spot Bitcoin ETFs recorded the second highest inflow of this month, achieving a net inflow of over $61 million. BlackRock's IBIT ETF led the way with an inflow of $92 million, while Bitwise's BITB ETF recorded an outflow of $25 million.
This inflow and price increase before the Jackson Hole symposium show that investors are expecting a positive conversation. For this reason, it is predicted that prices will continue to rise until Friday. It is also estimated that a "sell the news" event will occur if Bitcoin increases until Friday.
🎯 Bitcoin Price Prediction 🎯
#Bitcoin’in I think it will be $65,000 thousand on OCTOBER 31.
BTC price prediction on October 31st 23:59 UTC+4 👉 $65,000
