Bitcoin Price Prediction as Rally Stalls Ahead of Kevin Warsh’s Jackson Hole Speech

Bitcoin (BTC) price is up by 1.03% today, August 24, to trade at $77,942 at the time of writing. The king coin now remains in a tight range between $77,000 and $78,000, with the weak momentum coming days before the Chair of the Federal Reserve, Kevin Warsh, gives his first speech at the Jackson Hole Symposium that will take place between August 27 and August 29.

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Fed Chair to Make His First Speech at Jackson Hole

Warsh will speak at the Jackson Hole event that is taking place in Wyoming on August 28, where he will also meet with economists and other central bankers to discuss monetary policy decisions.

Markets are already questioning whether the Fed Chair’s speech will hint about possible rate hikes before the end of 2026, considering that the US debt has risen to $40 trillion, and the US-Iran war is causing an increase in inflation.

Analyst Walter Bloomberg notes that Warsh will likely maintain a neutral tone during the symposium. However, Walter also notes that 7% of investors are still expecting him to have a dovish stance, especially now that US inflation dropped from 3.5% in June to 3.4% in July.

The speech is also expected to affect the US bond market that recently saw a massive sell-off despite US Treasury Secretary Scott Bessent saying that the US government will buy back bonds. CNBC notes that US Treasury yields are already dropping ahead of Warsh’s speech.

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Bitcoin Price Forecast Ahead of Jackson Hole

The price of Bitcoin is trading within a falling wedge pattern on the one-hour chart. This pattern suggests that the drop from $79,000 to $77,000 could ease, and an uptrend could resume.

Bitcoin had also moved above the resistance of this wedge pattern at $77,800 at the time of writing. However, it still needs to close above this resistance to confirm a bullish future Bitcoin outlook.

If Warsh makes a dovish speech at Jackson Hole and hints that the Fed is no longer considering increasing interest rates, the price of Bitcoin could move to the 161.8% Fib of $81,900.

However, if the speech increases the odds of the Fed hiking rates, BTC might drop to the support at $75,500.

The RSI reading at 54 suggests that the momentum is favoring bulls, and this could support the potential move to $81,900. The AO bars that are green and growing in length also support a bullish outlook.

Fresh Money is Supporting BTC’s Rally as Analyst Spots Bull Cycle

Data from CryptoQuant shows that the amount of money in the Bitcoin market has increased from $20.6 billion to $24.9 billion. Analyst Woominkyu notes that the money is not coming from borrowed funds, with this suggesting that Bitcoin’s gains are not because of leverage.

“Rallies driven by borrowed money tend to end violently, because lenders can force-sell positions when prices dip. A rally where fresh money arrives without growing leverage is built on firmer ground,” the analyst said.

This bullish outlook comes as another analyst Ali Chart notes that Bitcoin’s bull cycle has started because BTC created a “god” candle when the price gained by 23% in three trading days.

These bullish projections will likely play out if the Jackson Hole Symposium reveals that the Fed is leaning dovish, with such a shift set to boost the demand for risk assets like BTC.