The next two days are crucial for Bitcoin and altcoins! What will happen?
In the cryptocurrency industry, all eyes are now on the United States. Data from the United States and the statement of Jerome Powell, Chairman of the Federal Reserve (FED), will directly affect all financial markets.
The United States will release the Producer Price Index (PPI) data at 3:30 pm Beijing time on May 14 (Tuesday). Currently, the latest expectation of the PPI data is 2.2%.
After the release of the PPI data, FED Chairman Jerome Powell will appear in front of the camera at 5:00 pm Beijing time. Powell's statement may have a profound impact on Bitcoin and altcoins.
At 3:30 pm Beijing time on May 15 (Wednesday), the United States will release the Consumer Price Index (CPI) data. The CPI data shows that the latest expected value is 3.4%.
If the PPI and CPI data are lower than expected, and FED Chairman Powell makes a dovish statement, it may trigger a sharp rise in the cryptocurrency market. On the contrary, if the data is higher than expected or Powell makes a tough statement, Bitcoin (BTC) may fall below $60,000.
Ted, a successful cryptocurrency trader, said in a post about the impact of US data on BTC:
"An important week is coming. Inflation data will be released soon.
We expect volatility in financial markets and the cryptocurrency sector, but inflation data may slow down for the first time in the short term.
"If expectations come true, this will be very bullish for risky assets such as Bitcoin."
I have also been ambushing a currency that is about to explode recently, with a short-term return of 30% and a long-term return of about 5-8 times.
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