How might Bitcoin be Affected by Powell’s Testimony Scheduled for Next Week?

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Bitcoin is in dead waters as the cryptocurrency has only managed to stay afloat $35k, failing to break the $40k resistance. The month’s long research and listening to the insightful trader’s prediction hinting at another bullish run and taking Bitcoin to new horizons in terms of price seem almost a hoax. The chairman of the US Federal Reserve, Jerome Powell, has had a negative effect on the performance of Bitcoin in the past, and this time is no different too. 

The US dollar price has spiked as the inflation expectations for the coming months are lowered by the investors. This is not only it as the rigid commodities such as gold and silver were also affected and were trading at a lower price after Twitter fills with the mystery about Powell’s stance on cryptocurrency this time around. Even if everything seems disorganized and in disarray at the moment, there might still be some hope left for the bulls. According to the economist Alex Krüger in his tweet about how Jerome Powell is known to have caused massive motions in the past, making different markets counterbalance each other after disturbing them first. 

Bitcoin might not be Crashing Anymore

According to him, Powell has a tendency to crash the markets at the FOMC and then resurrecting them later at his testimonials before the congress. In the next market cycle, it is expected that dollar being positive in terms of price, will be liquidated in significant numbers by the long term traders who have been holding it for the right moment, and this will cause it to weaken in the upcoming weeks strengthening the flight of Bitcoin. 

It is a game of patience, and no one will be able to get the fruit in terms of soaring profits before their turn or before the market allows it. That is why the best strategy for the investors would be to buy more Bitcoin if they can and wait for the right moment after the storm diminished in strength and about to yield; this is the time to get back in action and make money. Worrying too much about Bitcoin’s price and such is not going to change anything.


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