Cryptocurrency Weekly Report: Will Bitcoin return to $50,000 this week?
👀 Five major events worth watching in the Bitcoin market this week:
1. Bitcoin price correction: Recently, the volatility of Bitcoin prices has attracted widespread attention. As Bitcoin fluctuates and pulls back, many people are discussing whether it will pull back to $50,000, and there seems to be less and less discussion on the continued rise of Bitcoin in the market.
What everyone is generally concerned about is where this pullback will go and whether the bull market has ended? As for whether Bitcoin can reach $100,000 by the end of the year and whether it can reach $150,000 or $200,000 next year, the outside world has also become less and less discussed. In short, overall, market sentiment is negative.
2. The impact of sideways consolidation: Some analysts pointed out that Bitcoin's sideways fluctuations in the past 160 to 170 days have made market participants feel more painful than the bear market. However, different voices believe that this sideways consolidation is beneficial to the long-term development of Bitcoin because it creates a very strong support level for Bitcoin's medium- and long-term trends.
3. Fed dynamics: The market is holding its breath for Fed Chairman Powell's speech at the Jackson Hole conference this Friday. Since there is no FOMC meeting in August, Powell's speech at the Jackson Hole conference is expected to have a significant impact on the expectations and intensity of the September rate cut.
4. Bitcoin miners' strategy changes: It is worth noting that Bitcoin miners have stopped selling Bitcoin in recent weeks. Miners have been reducing their holdings of Bitcoin since November 2022, but this trend has eased recently and miners have begun to adopt a holding strategy, which may be a potential positive for the Bitcoin market!
5. Changes in Bitcoin's market share: Although reports say that Bitcoin's market share is declining in recent days, there are also views that Bitcoin's market share remains strong from a medium- to long-term trend. Therefore, the recent decline in market share may only be a short-term fluctuation and is not enough to serve as a reference.
The above are the five major focus events in the Bitcoin market this week! Do you think Bitcoin's pullback is temporary or a shift in market trends? Which one do you pay more attention to, Powell's dynamics or the change in miners' strategies? See you in the comments section!
