Top Four Events Shaping the bitcoin and Crypto Market This Week

This week is set to be an eventful one in the bitcoin and crypto market, with several significant developments that could have a profound impact on digital assets and investors. From bitcoin‘s price action to the US Federal Reserve’s decisions, and from high-profile trials to influential conferences, here’s a detailed look at the top four events that will capture the market’s attention in the coming days.

#1 bitcoin‘s Potential Surge to $40,000

bitcoin has been performing exceptionally well recently, with its highest weekly close since May 2022 and a 15% gain last week. The anticipation of a spot bitcoin ETF is further fueling bullish sentiment. Although bitcoin is currently in a consolidation phase, a well-known technical analyst, “Titan Of Crypto,” believes there’s more room for growth.

According to the analyst, bitcoin could potentially reach $40,000 if certain conditions are met. These conditions include breaking out from a bullish pennant and the inside bar’s range, Tenkan pointing up, and the daily candle closing above the range and maintaining a price above $34.5k.

#2 Federal Reserve’s Rate Decision and FOMC Meeting

The Federal Open Market Committee (FOMC) will be announcing its rate decision on Wednesday, followed by a press conference with Fed Chair Jerome Powell. Analysts expect the FOMC to maintain the target range for the federal funds rate at 5.25 to 5.5. The CME FEDWatch tool also supports this expectation, with 96.2% expecting no change.

However, the market conditions have become more fragile compared to a year ago, and the Fed needs to carefully navigate its battle against inflation to avoid a severe recession. Bank of America predicts no hike in November but keeps a December hike on the table based on robust spending and inflation data. Goldman Sachs economists also suggest that the November meeting will likely not result in a rate hike.

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#3 Sam Bankman-Fried’s Trial Progresses

The highly publicized trial of Sam Bankman-Fried, involving the collapse of the FTX exchange, is approaching its conclusion. Bankman-Fried will continue his direct examination by his defense lawyer, presenting an alternative narrative to the testimonies of former employees and witnesses against him. The government will then cross-examine him, and the trial is expected to consume most of the week, with a potential decision by the end of next week.

#4 Solana Breakpoint Conference

The annual Breakpoint conference organized by Solana is commencing today in Amsterdam, the Netherlands. The conference, which runs from October 30 to November 3, will feature key project leaders from the Solana ecosystem, along with speakers from Stripe and Visa. Significant announcements have historically been made at Breakpoint, and this year, there’s anticipation around the launch of Render 2.0 by RNDR – Render Network’s team. The entire conference will be livestreamed on X and Solana’s YouTube channel.

As of now, bitcoin is trading at $34,555.

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By Team