Federal Reserve Chair Jerome Powell spoke on Aug. 25, and in his Jackson Hole speech, he cautioned that inflation remains too high and that the central bank remains open to raising rates further if needed. The remarks by Powell strengthen the narrative that interest rates are likely to remain higher for longer.
However, a positive sign is that after a brief sell-off, the United States equities markets recovered from their intraday lows. With the event having passed without any major price movement, traders are back to guessing as to what could move the markets next.
Pantera Capital believes that Bitcoin’s (BTC) price action will continue to follow its previous halving cycles. If that happens, Bitcoin could rise to $35,000 by April 2024, when the next halving is expected to occur. After that, Bitcoin could rally sharply and climb to $148,000.
Will bears maintain their selling pressure and pull the price below the respective supports in Bitcoin and altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin once again turned down from the overhead resistance at $26,833 on Aug. 23, indicating that the bears continue to sell on rallies. That has kept the price stuck inside the range between $26,833 and $24,800.
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Author: Rakesh Upadhyay
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