The crypto space recently appeared to be in a good position as the Bitcoin price reclaimed levels above $17,000. However, as the trade advanced towards the beginning of the week fresh compelled the price to undergo a minor correction.
Meanwhile, the current plunge is assumed to be a short-lived one that may rebound quickly. But, the following drop after the rebound could be 10 times bigger than expected.
It is a known fact that the coming week is extremely important for the crypto space as numerous events have lined up. The next couple of days is extremely crucial for the Bitcoin price which may mark up the year-end targets.
Tuesday, 13th December, the US CPI core rates are expected to release along with the FOMC rates, the next day.
However, more than the rates, the language used by the Fed chair in the press conference is likely to have a larger impact. As previously, the hike in rates did not impact the crypto space to a large extent as the hawkish behavior of the FED chairman. If a similar approach is applied this time, it could be pretty dangerous for the Bitcoin price ahead.
As per ING, if Fed Chair, Jeremy Powell’s speech is dovish, then it could be bullish for the crypto space. Else in the case of hawkish behavior, the bears may continue to maintain their dominance. Below mentioned are the possible scenarios for 14 December 2022.
The overall trend of the crypto markets remains largely bearish and uncertain until the above-listed events occur and impact the markets. Therefore, it is assumed that the coming Thursday is extremely important for the markets, as the aftermath of the events may embrace the crypto space.
Source: https://coinpedia.org/news/massive-move-coming-in-the-crypto-space-this-thursday-will-bitcoin-remain-bearish/