$BTC
$BTC Powell's Speech Anticipated: Potential Market Volatility Ahead
At 2:30 PM NYC time today, Federal Reserve Chair Jerome Powell is scheduled to speak. Market participants widely expect the Federal Reserve to maintain current interest rates. Based on the economic data released on May 1st, a hawkish tone from Powell is anticipated.
This potential hawkishness could trigger significant market reactions. Some speculate Bitcoin ($BTC) may initially surge towards $101,000 before experiencing a sharp decline to $88,000. Additionally, altcoins are expected to face considerable downward pressure, exacerbated by Bitcoin's dominance approaching 66%.
A strong recommendation is made against trading altcoins during this period. For those already holding altcoins, a dollar-cost averaging (DCA) strategy on the downside is suggested. Ethereum ($ETH) is specifically mentioned, with a potential rise to $1,932 followed by a drop below $1,600.
Disclaimer: This analysis is presented from a layperson's perspective, based on news interpretation, and should not be considered professional financial advice. Always conduct thorough research and exercise caution when making investment decisions.
