The crypto space recently appeared to be in a good position as the Bitcoin price reclaimed levels above $17,000. However, as the trade advanced towards the beginning of the week fresh compelled the price to undergo a minor correction.
Meanwhile, the current decline is considered to be short term which could reverse quickly. But, after the rebound, the next downside could be 10x higher than expected.
It is a known fact that the coming week is extremely important for the crypto space as numerous events have lined up. The next couple of days is extremely crucial for the Bitcoin price which may mark up the year-end targets.
Tuesday, December 13, US CPI core rates are expected to be released along with FOMC rates the following day.
However, more than the rates, the language used by the Fed chair in the press conference is likely to have a larger impact. As previously, the hike in rates did not impact the crypto space to a large extent as the hawkish behavior of the FED chairman. If a similar approach is applied this time, it could be pretty dangerous for the Bitcoin price ahead.
According to ING, if the Fed Chairman, Jeremy Powell’s speech is soft, it could be a bullish move for the crypto space. Otherwise, in case of bullish behaviour, the dominance of the bears may continue. Mentioned below are the possible scenarios for 14th December 2022.
The overall trend of the crypto markets remains largely bearish and uncertain until the above-listed events occur and impact the markets. Therefore, it is assumed that the coming Thursday is extremely important for the markets, as the aftermath of the events may embrace the crypto space.
