Week Ahead: Is October’s weekend rally a prelude to 2024 bull run?
|Last weekend, the cryptocurrency ecosystem saw a sudden but massive spike in bullish momentum. As a result, many altcoins saw a huge rally. For example, Chainlink’s LINK token rallied 21% on Saturday, Solana’s SOL token surged 12%, while Bitcoin price tagged $30,000 and is hovering close to $31,000.
This uptick has pushed many investors to believe that this is the start of a bull rally.
Read more: Here’s what to expect from Bitcoin price after false ETF approval rumors
Has crypto’s bull run begun?
Bitcoin price threatened the 2023 bull rally in September when it formed a weekly lower low at $25,386. But the recent uptick has pushed BTC above a key weekly high of $31,777. If the pioneer crypto produces a higher high above this level, it would indicate the sustenance of the 2023 bull rally.
However, a weekly candlestick close below $31,777 will form a lower high and potentially kick-start a correction,
Key levels to watch:
- $36,294, in case BTC closes a weekly candlestick above $31,777
- $28,082 and $25,941, in case BTC closes a weekly candlestick below $31,777.
BTC/USDT 1-week chart
Also read: Bitcoin Weekly Forecast: BTC bulls can make or break 2023 rally
While Bitcoin price presents an ambiguous outlook, here are key events that could affect the broader markets.
- Fed Chairman Powell Speech – October 25
- Core PCE Price Index – October 27.
- Fed Interest Rate Decision/Fed Press conference – November 1.
- Nonfarm Payrolls – November 3.
While the jobs report on November 3 is important, for the upcoming week or ten days, the most important event will be the Fed’s interest rate decision, which could shift investor sentiment from risk-on to risk-off and vice versa.
Fed unlikely to hike rates on November 1
The FedWatch Tool from CME Group shows a 98.4% probability of a pause in interest rate hike on November 1. There is, however, a 1.6% probability that the Fed will pivot and cut rates. But as the numbers suggest, the chances of this happening are slim after higher-than-expected jobs and inflation reports.
CME Group FedWatch Tool
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.