The Bitcoin price is back above $64,000, sparking bullish sentiments that the long-awaited ‘Uptober’ rally is set to begin. Certain macro events are happening this week, which market participants should watch out for as they could impact the crypto market.
Macro Events To Watch Out For As Bitcoin Price Hits $64,000
Macro events to watch out for this week include the September retail sales data, which will be released on October 17. This metric, which tracks consumers’ demand for finished goods, is significant as it provides insights into the current state of the US economy. This macro data also forms part of the information that guides the US Federal Reserve regarding rate cuts.
The Philly Fed manufacturing data will also be released on October 17, gauging how manufacturing industry businesses have grown. Meanwhile, the September Housing starts data will be released on October 18. These economic data are important as there is still uncertainty around whether the Fed will cut rates by 25 or 50 basis points (bps) or, if any, at all.
In line with this, it is also essential to monitor the 11 Fed speaker events this week. Fed Governor Christopher Waller will deliver his remarks on October 14, while Governor Adriana Kugler will deliver her speech on October 15. These speakers could provide insights into where the Fed currently stands, whether dovish or hawkish, ahead of the November FOMC meeting.
Additionally, some S&P 500 companies, including financial firms such as Morgan Stanley, Goldman Sachs, and Citigroup, are set to report their earnings this week. Given Bitcoin’s correlation with the stock market, a positive earnings report for these firms could provide a bullish outlook for the Bitcoin price and, by extension, the broader crypto market.
What Next For The Bitcoin Price With Rise To $64,000
With Bitcoin price hitting $64,000, there are questions as to whether this means that the flagship crypto is back in bullish territory. However, based on crypto analyst Ali Martinez’s analysis, Bitcoin will need to break above $66,000 successfully to confirm that a bullish reversal is in play.
Martinez believes that Bitcoin will likely rebound to $66,000, then drop below $60,000 again and retrace to $57,000 before it breaks out towards $78,000. A rise to $78,000 is significant as it will mark a new all-time high for the flagship cryptocurrency, whose current ATH is $73,000.
Crypto analyst CrediBULL Crypto also believes it is not yet time to be bullish on the Bitcoin price. He predicts that BTC could still drop below $50,000 before it rises to new all-time highs.
At the time of writing, Bitcoin is trading at around $63,900, up almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com