Jerome Powell's recent speech at the Jackson Hole symposium captured market attention as it opened the door for potential interest rate cuts, which influenced Bitcoin's price.
Impact of the Speech on the Market
Powell's speech encouraged optimism among market participants, reducing the likelihood of abrupt changes in monetary policy. Investors interpreted it as a signal that high risks for jobs remain, and potential tariffs that could keep prices sticky are still a factor. Despite the cautious approach, the speech supported risk assets, reflected in Bitcoin's price. "Markets heard relief, not panic."
Bitcoin Price Forecast
Hourly chart analysis indicates that Bitcoin's price broke out of a tight range after the speech. Approximate support levels are at 113,400 and 112,765. A close below 111,900 could lead to sharp declines. Otherwise, if support is maintained, BTC may test resistance levels around 115,000-115,800.
Future Scenarios
Three potential scenarios exist for the next 24 to 72 hours. The first is continued upward movement if the price stays above 113,400, with subsequent targets of 115,000-115,800. The second is a reversion to the baseline near 112,765 and 111,967, while the market awaits fresh data. The third is a sharp pullback below the 111,900 level, with potential slide to 110,800 and 109,000. Overall, the current conditions suggest a more favorable outlook for Bitcoin than immediate downturns.
Jerome Powell's speech significantly accelerated recovery and reduced risks for Bitcoin, providing a fresh perspective on asset futures. While the 111,900 level remains critical, the current conditions appear more conducive to upward breakouts rather than sharp declines.
