Connect with us

Hi, what are you looking for?


Bitcoin price outlook ahead of Powell’s Jackson Hole speech

Bitcoin (BTC/USD) has touched an intraday low of around $21,376 across major exchanges, according to data from CoinGecko. This follows a rejection near $21,800, and suggesting further weakness could push the price towards 7-day lows below $21k. Fresh pain could follow if bulls give up the $20k zone.

That, in short, is Bitcoin’s price outlook ahead of US Federal Reserve Chair Jerome Powell’s Jackson Hole speech.

Bitcoin price: analyst views ahead of Jackson Hole

The Jackson Hole symposium, which brings together central bankers, economists and other key policymakers, is an annual event that has often come with increased market volatility around highly anticipated commentary.

The S&P 500 index, for instance, has built in the sentiment that the central bank will ease rates in coming months before pivoting later next year. It’s a scenario that had the stock market tracking significant bounces from June lows, with inflation seen as stabilising and an easing Fed seen as one that provides fresh legs for bulls.

So, as with the equities markets, Bitcoin might trade higher if the Fed Chair hints at lower rates after the September hike.

Keith McCullough, the CEO of Hedgeye Risk Management, says “anything dovish” could see Wall Street pump.

HIKES: they set this #JacksonHole #Powell commentary up with peak hikes already priced into 2s

Anything “dovish” is going to get pumped like Oil by ye Olde Wall and its media

— Keith McCullough (@KeithMcCullough) August 26, 2022

But if the Fed chooses to go tighter for much longer, then the markets will likely react lower over coming days.

Such an outcome will likely impact earnings estimates and see S &P 500 gains seen over the past month, for instance, wiped out in coming weeks as volatility pushes risk assets lower. Market analyst Tar points to a proper reaction in this case when stocks open on Monday.

The big rally we have seen in past 2m is cause market believes Fed will not be as aggressive in hiking rates as it has been so in H1 of this yr

Any indications from Powell today @ Jackson Hole to contradict that could unravel all the rally of last 2m

Expect volatility on Mon

— Tar ⚡ (@itsTarH) August 26, 2022

Bulls need to hold above $20k

BTC has traded above the $20,000 level for weeks, the level providing a robust support during the recent sell-off from $25k. Some market observers see the zone as continuing to act as a strong buffer, although a breakdown to June lows is still possible with the current macro outlook.

Bitcoin analyst Carl Runefelt says that BTC looks weak on the 4-hour chart and that it risks falling to $20,800, potentially opening up a path for further declines towards the $20k level or lower.

At the moment, Bitcoin is down 1.3% in the past 24 hours, and US stock futures are also currently lower as the markets await the Fed Chair’s comments.

The post Bitcoin price outlook ahead of Powell’s Jackson Hole speech appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    Inflation appears to be on the decline. The Personal Consumption Expenditures Price Index (PCEPI), which is the Federal Reserve’s preferred measure of inflation, grew...


    Solana (SOL/USD) is enormously underrated as a cryptocurrency project, even with its hiccups – including the latest exploit on one of the ecosystem apps....

    Editor's Pick

    The new eSIM infrastructure will help modernise the IoT connectivity market with fast, secure connections and reduced vendor lock-in. 1oT, a tech startup from...


    The latest Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics shows the total number of job openings in the economy...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023