Analyst: “Friday’s Big Day, If Favorable, Bitcoin Could Experience a Rally to $65,000 to $67,000”

Bitcoin’s price is falling even as stock markets show gains as investors focus on Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole Symposium. The event is expected to bring increased volatility for the cryptocurrency, according to BRN analyst Valentin Fournier.

“As the market awaits the announcement from the Fed at the Jackson Hole Symposium and the release of macroeconomic indicators, Bitcoin volatility could increase in the coming days or weeks,” Fournier said. He pointed to a noticeable increase in open interest in bitcoin futures as evidence of rising investor expectations. “The increase in open interest could be linked to investors expecting potential profits if the announcement is positive,” he added.

Broader financial markets are also cautious ahead of a speech by Federal Reserve Chairman Jerome Powell on Friday, with investors looking for clues about what steps the central bank could take at its policy meeting next month. “Powell’s speech could set the stage for the Fed’s first rate cut, and we remain bullish on a rally that will push prices toward $65,000 and $67,000 before a fresh decline,” Fournier said.

*This is not investment advice.