Cryptocurrencies across the space have shown heavy volatility on Tuesday, as there are potential threats of US inflation ahead. Traders’ interest in Bitcoin and other altcoins grows, post the remarks of Federal Reserve Chairman Jerome Powell on tapering of monthly bond rates. The chairman said, “it’s probably a good time to retire a word transitory to describe inflation”.
He further went on to say that asset purchase would wrap up a few months earlier than expected. This move to roll out the red carpet to hike interest rates in the near term. Money printing would be done in order to help the companies and the country’s economy.
However, this move would drift to hyperinflation. Hence, the community is hunting for investment opportunities to fight inflation and manage its purchasing power.
In the meantime, Bitcoin has shown instant volatility with a quick retest at a crucial resistance of $59,113 owing to the statement made by Jerome Powell. However, crypto analyst Micheal Van De Poppe expects decent gains in BTC price action in the next couple of weeks.
Post the October rally, Bitcoin price almost traversed within a rangebound scale of $54k to $59k. Interestingly, the flagship asset has failed to pass the upper resistance of $59k more than 4 times within a span of one month. However, analyst Micheal Van De Poppe predicts the most dominant asset to strengthen around $58.8k before passing the physiological level of $60k.
The analyst is pretty optimistic of BTC price to chug up to $63.6k along with short retests at $59.5k and $60k in the next couple of weeks. On the contrary, as there is no significant sell pressure around $55k to $56k, he expects the asset to gain strength around the $54k mark.
Collectively, uncertainties such as the US financial crisis and FUDs over a new variant of Covid have been prompting people to look out for investment opportunities to uphold purchasing power. Only potential regulatory barriers in the future would abruptly impact Bitcoin and other cryptocurrencies’ price momentum.
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