The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Analyst Says Bitcoin (BTC) Weakening, but Crypto Markets Can Rally This Week After Fed Meeting

by Daily Hodl Staff
August 25, 2022
in Bitcoin, Trading

A popular analyst is considering how the Federal Reserve’s upcoming policy meeting will impact both Bitcoin (BTC) and the broader economy.

The anonymous host of InvestAnswers first tells his 444,000 YouTube subscribers that all eyes will be on Chairman Jerome Powell during the Fed’s three-day Wyoming retreat, noting that markets will probably rally if interest rates don’t go up again.

“We have to really be cognizant of the fact that Jerome Powell is in Jackson Hole at the economic conference. He will provide some much desired clarity on the market and the central bank’s pathway.

It’s likely to be the most important catalyst for the week for equities and cryptos alike. Remember, if we get a hint of dovishness, the market will rally.”

The analyst thinks the Fed can only raise rates by a total of 1% or risk causing irreparable damage to the economy.

“Last time I read the Fed minutes, it had so much wishy-washy stuff in it, that basically it could interpret that the Fed will slow down their rate hikes. But don’t get overly excited. We are still in very restrictive territory.

But my thesis remains: there’s no more than 100 basis points left in the budget, and if they go beyond that, it’s financial armageddon.”

The InvestAnswers host next presents a Bitcoin channels chart dating back to mid-June. He observes how BTC was trending upward within the range until falling hard last week, flashing a double bottom.

“This is the channel you saw me sharing many times over the past six weeks. From the bottom, in, out, beautiful range rider all the way up in the ascending channel.

We crashed through it last week. I said it has to support, if not it could be ugly. We did crash through, but we fell down to a very interesting level. We had that visit above $25,000 and then straight down.

These are daily red candles and you can see the number of red days we’ve had. But what’s very important is the level of support around $20,750.”

Source: InvestAnswers/YouTube

The crypto guru notes that Bitcoin previously fell to around the $20,750 level four weeks ago, also revealing a double bottom. He’s concerned BTC might be losing steam after the rally that began in late July came to a halt on August 18th.

“We had that double bottom over the last five days. It corresponds to the bottom we had about four or five weeks ago, which is a positive sign that maybe this $20,000, $21,000 level of support could hold.

But the momentum is definitely weakening right now for Bitcoin, no doubt about that. We are out of that range. The question is what will happen now?

I do anticipate for the next week or so, until we find out what the Fed does, we’re probably going to chop sideways. And if they come out with bad news, it could go down to $20,000.”

At time of writing, Bitcoin is trading even and priced at $21,506.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Satean Hawaree/S-Design1689

Submit a Press Release

Industry Announcements

  • Bunzz Raises $4.5 Million Seed Round To Expand Its Smart Contract Hub for DApp Development
    January 24, 2023
  • Dogecoin and Shiba Inu Better Watch Out – Floki Just Had Three Big Things Happen for It
    January 24, 2023
  • Crypto Marketing – What Initiatives Will Bring More Value and Users in 2023
    January 23, 2023
  • Make Crypto Payments on BChat Web 3.0 Messenger – BChat Integrates Beldex Wallet
    January 22, 2023
  • KEY3.id Supports Multi-Chain Transaction, Partnership With KuCoin Wallet, CoinHub Wallet and Wallet3 To Launch 2023 Lucky Transaction Campaign With Over 30,000 Participants on Social
    January 20, 2023
  • Deposit EUR/GBP at Zero Percent Fees With Newly Launched SEPA/FPS Channels on Bitget
    January 19, 2023
  • Coinbase Lists Kava, Advancing Ethereum–Cosmos Interoperability
    January 18, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,751.36
$23,751.36
3.12%
Ethereum
$1,640.54
$1,640.54
4.55%
Cardano
$0.395757
$0.395757
3.32%
XRP
$0.414858
$0.414858
1.38%
Dogecoin
$0.089971
$0.089971
2.3%

Spotlight

  • Low Cap Ethereum-Based Altcoin Goes on 170% Run Following Release of New Roadmap
    January 23, 2023
  • Largest Crypto Wallets To Support Major Shiba Inu (SHIB) Upgrade As Dogecoin Rival Holds 70% Gains Year-to-Date
    January 26, 2023
  • Crypto Strategist Predicts Rallies for Polygon and Avalanche, Says Ethereum Setting Up To Outperform Bitcoin
    January 29, 2023
  • Ethereum-Based Gaming Altcoin Suddenly Erupts Ahead of $60,000,000 Token Unlock
    January 24, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl