In this week’s Market Report Show, Cointelegraph’s resident expert explains why Bitcoin (Bitcoin) Whales are accumulating now and this is why it matters. Will this lead to the next bull market?
First, we analyze the latest news in the market this week.
October 2022 is yet to be proven as analysts predict “wild” Bitcoin price volatility in November. Bitcoin started the last week of ‘uptober’ in a solidly average mood as the trading range that ends all trading ranges continues to stick. Does this mean a major trend change is about to happen? This week will be another big week with the release of the US Personal Consumption Expenditure (PCE) Index for September. . Next week, the US Federal Reserve will meet to decide on rate hikes based on certain data inputs such as the PCE and the Consumer Price Index. The market is now expecting another 75 basis points of rate hikes, but what is the actual number and what impact will it have on the market?
What happened to all the hype around “Uptober”? So far it has failed to deliver compared to October 2021. Some analysts are hoping for a dramatic turnaround in November, but Bitcoin is cutting the job if it reaches near its previous highs.
The Bitcoin community is divided on whether the token’s price will skyrocket or crash in the next year. Most analysts and technical indicators suggest a bottom between $12,000 and $16,000 in the coming months. This is correlated with a volatile macroeconomic environment, stock prices, inflation, federal data, and a recession that could last until 2024, at least according to Elon Musk. Meanwhile, influencers, BTC maximalists, and a series of other fanatical ‘shills’ could see the price skyrocket above $80,000. We discuss what the next year will bring to Bitcoin.
Our experts cover these and other developing stories, so stay up to date with the crypto world.
Next up is a segment called ‘Quick Crypto Tips’, which aims to give newcomers to the cryptocurrency industry quick and easy tips to get the most out of their experience. Tip of the Week: Moving Averages.
Finally we got an insight Cointelegraph Market Pro, a platform for crypto traders who want to stay ahead of the market. Our analyst used Cointelegraph Market Pro to identify two of his altcoins that stood out this week.
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