The price of BTC quickly jumped from $25,800 to $26,480 today. So what was the reason for this price increase? First of all, we know that the $26,000 level stopped the excessive selling. On the other hand, tomorrow will be a very important day for cryptocurrency investors.
Why is Bitcoin Rising?
Today Nvidia will announce its earnings report. Experts believe that the numbers will be very good due to the increased GPU power in the field of artificial intelligence. The chip manufacturer’s shares have risen over 200% since January. Prior to today’s earnings call, there was a rapid recovery in Wall Street with a 0.5% gain in the Dow Jones, 1% gain in the S&P 500, and 1.5% gain in the Nasdaq Composite. If a major company like Nvidia announces a strong earnings report, it triggers a rise in the stock market.
The renewed correlation between cryptocurrencies and the stock market largely triggered the recent rise in BTC.
Tomorrow is very important for crypto investors because Powell will speak. Ravi Doshi, the global head of trading at Genesis, said the following:
“This week at the Jackson Hole Symposium, we are expecting a moderate dovish tone from Powell in the face of cooling labor markets, record-high credit card debt, the highest mortgage rates in over 20 years, and concerns about major economies like China.”
This situation fuels the optimism of cryptocurrency investors. However, another analyst, Craig Erlam, said the following:
“It may indicate that the tightening cycle is coming to an end, but I don’t expect more than that because there are risks of triggering a rally in bonds and a sharp drop in yields, and they will definitely avoid that.”
Last year, hawkish statements made at the symposium ended the market rally and accelerated the sell-off in crypto. Why shouldn’t the opposite happen this year?
Will Bitcoin Price Rise?
A popular analyst correctly predicted the price’s roadmap with a chart he published days ago. Kaleo is an expert closely followed by many investors and predicts that the price will soon surpass $29,000. The expert analyst sharing the chart below implies that the decline has now ended.
If Kaleo is proven right and Powell takes a dovish stance, we can see a rapid recovery in altcoins along with the rise in BTC. It is likely that altcoins, which have experienced double-digit losses, will recover their losses with the recovery of BTC. However, investors should not forget that crypto is full of surprises.
