Fed Chair Jeremy Powell all Set to Deliver his Speech-Will Crypto Market Drop Again?

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U.S FED’s Chair, Jerome Powell is going to speak at the Sveriges Riksbank International Symposium on Central Bank Independence, while the crypto markets and the stock market investors are presently clueless. Most analysts believe the markets could turn extremely volatile as the Bitcoin price is expected to rise slightly and after it hits $17,500, massive liquidations may explode.

Previously, the markets responded in a negative way whenever the FED chair delivered his speech citing the dovish outlook. A similar trend is believed to replicate and hence the analyst here has warned his 37.8K followers to be careful in performing any trade.

Besides, another popular analyst, Micheal van de Poppe, believes that Jerome Powell has no base to produce a dovish speech apart from having more than 50 PMI from Friday. Hence believes that the markets may just be relaxed and display no major impact of his speech.

Aside from the <50 Services PMI from Friday, there's no real case for Powell to become dovish suddenly, while the markets are pricing it in.

I'd expect markets to cool off later today, but to rally from CPI on Thursday, expecting those to come in lower than expected.

— Michaël van de Poppe (@CryptoMichNL) January 10, 2023

Collectively, after a significant upswing, the markets are again consolidating within a very narrow range. Hence it appears that the Bitcoin and major altcoins are preparing for the event and hence began accumulating well in advance.

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