Sign Up on MEXCCrypto News: Key Events Next Week That Can Determine Bitcoin Bull Run
Highlights
- The retail sales data next week will shed some more light on the same topic of the Fed's rate cut trajectory.
- This week will see the Fed Vice Chair Philip Jefferson speak, so investors will be closely monitoring that.
- It is anticipated that the forthcoming Bitcoin Halving event will occur in April 2024, around six days from today.
With important data points, events, and keynote addresses this week, the cryptocurrency markets will be on their toes. The anticipating market will be watching the economic statistics to determine the final trajectory of Bitcoin prices and a potential bull run.
These are the top three data points that the market will be watching out for out of all of the data points:
US Retail Sales
Powell and associates have expressed their desire for a more balanced supply and demand in the labor market. However, the inflation data from March indicated that this would not occur shortly. Some investors believe that there is little chance of inflation rising again because the US economy has steadied to the point where further growth is feasible. This is demonstrated by the slowdown in the rise of employment and income. To validate this theory, the next US non-farm payroll data would be essential. The retail sales data next week will shed some more light on the same topic of the Fed’s rate cut trajectory.
Good data points could give a boost to investor sentiments, thereby triggering a Bitcoin bull run.
Fed Vice Chair Philip Jefferson speaks
The market is currently anticipating sharply that the US Fed would lower interest rates. This week will see the Fed Vice Chair Philip Jefferson speak, so investors will be closely monitoring that. In the past, while assessing assets, investors have placed a great deal of reliance on the Federal Reserve’s rate decisions. Government securities sometimes lose value due to lower interest rates, which makes alternative assets like Bitcoin more appealing.
If the rate were to drop soon, the crypto markets would benefit from higher risk appetite and robust purchasing power. This could push for the idea of a persistent Bitcoin bull run.
Bitcoin Halving
It is anticipated that the forthcoming Bitcoin Halving event will occur in April 2024, around six days from today.
In the cryptocurrency world, the Bitcoin halving event is particularly significant. After every 210,000 blocks are mined, cutting the amount of new coins in circulation in half, the event happens every four years. By gradually lowering block rewards for miners, halving contributes to the management of supply and demand.
Bitcoin halving essentially creates a demand and supply imbalance which could potentially lead to a Bitcoin bull run.
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