3 very important events that can greatly affect Bitcoin price this week (October 28 - November 3)!
Today (October 29), many Crypto investors were surprised by the impressive strength of BTC (Bitcoin) and its surpassing of the $71,000 mark for the first time since early June this year.
As of writing, BTC is currently trading around $71,100 — up nearly 5% over the past 24 hours. BTC’s market cap is around $1.4 trillion while trading volume has skyrocketed to $49.3 billion.
With BTC less than 4% away from its March ATH ($73,800), many investors are wondering whether to buy or sell at the moment.
In the following article, let's review with TradeCoinVN the 3 most important events this week (October 28 - November 3) so that you can make a suitable investment plan!
This week (October 28 - November 3), a series of important macro data will be released that clearly reflects the health of the US economy, which can have a big impact on the Crypto market. Those macro data include:
19:30 Wednesday - October 30: US GDP growth in Q3 2024 (forecast = 3.0%, previous = 3.0%)
19:30 Thursday - October 31: The US releases the PCE inflation index for September - this is the FED's favorite inflation measure. Experts forecast that the core PCE Y/Y will reach 2.6%, lower than the previous month's 2.7%.
19:30 Friday - November 1: The US announced the Non-Farm employment report for October. Experts predict that the US economy will only have 111,000 more jobs in October, much lower than the 254,000 in September due to the impact of major storms and strikes.
In addition to the above three macro data, investors should also pay attention to the Bank of Japan (BOJ) interest rate decision at 10:00 on October 31. In early August, the BOJ's interest rate hike shook the Crypto market and caused BTC to drop sharply to $49,000.
In addition, the world's five largest technology corporations also announced their business results this week, including: Alphabet (October 30), Microsoft and Meta (October 31), Apple and Amazon (November 1).
Overall, this week will be the last week right before two “very big” events including the US presidential election (November 5) and the FED interest rate decision (November 8).
According to CME FED Watch, the probability of the Fed cutting interest rates by 0.25% on November 8 is at 95%, while only 5% of traders believe that the Fed will leave interest rates unchanged. The decline in inflation and the weakening labor market also strengthen the belief that the Fed will have another interest rate cut in December.
There is only 1 week left until the US presidential election (November 5) that the whole world is waiting for. According to Polymarket, Mr. Trump has a winning rate of up to 66.1% - far surpassing Ms. Kamala Harris's 33.9%.
Analysts from Bitfinex exchange believe that Mr. Trump's victory in the US presidential election combined with a positive market context in Q4 could create a "perfect storm" to push BTC price to break ATH by the end of this year.
Brokerage firm Bernstein believes that the price of BTC at the end of the year will be more influenced by the US election than by macro data such as CPI or PCE. In case Donald Trump wins the election, Bernstein also expects that BTC will triple to $200,000 by the end of next year.
