Bitcoin has surged back above $64,000, leading some to believe the long-awaited “Uptober” rally is finally happening. But before you get too excited, there are a few key events this week that could significantly impact the crypto market.
Macro Events to Watch
- Retail Sales Data (October 17): This data reveals how much consumers are spending on finished goods, giving us a glimpse into the health of the US economy. It’s important because it influences the Federal Reserve’s decisions on interest rates.
- Philly Fed Manufacturing Data (October 17): This report gauges the growth of the manufacturing industry, providing another insight into the overall economy.
- Housing Starts Data (October 18): This data reveals the number of new homes being built, offering another perspective on the state of the economy.
All of this data is crucial because there’s still uncertainty about whether the Fed will raise interest rates, and if so, by how much.
Fed Speakers to Watch
Keep an eye on the 11 Fed speakers scheduled to deliver remarks this week. Their comments could provide clues about the Fed’s current stance on interest rates, which could impact the crypto market.
Earnings Reports to Watch
Several S&P 500 companies, including financial giants like Morgan Stanley, Goldman Sachs, and Citigroup, will be releasing their earnings reports this week. Since Bitcoin is often correlated with the stock market, strong earnings from these firms could boost Bitcoin’s price and the broader crypto market.
Bitcoin’s Future: Bullish or Bearish?
While Bitcoin’s recent surge above $64,000 is encouraging, some analysts remain cautious.
- Ali Martinez: He believes Bitcoin needs to break above $66,000 to confirm a bullish reversal. He predicts a potential rise to $66,000, followed by a dip below $60,000 and a retracement to $57,000 before a final breakout towards $78,000. This would mark a new all-time high for Bitcoin, surpassing its current record of $73,000.
- CrediBULL Crypto:
He’s not yet convinced Bitcoin is ready for a bull run. He predicts a potential drop below $50,000 before a rise to new all-time highs.
At the time of writing, Bitcoin is trading at around $63,900, up almost 2% in the last 24 hours.
