Bitcoin dominance has hit a local maximum in the last six months.
However, looking at the daily candlestick chart, it seems like another dip for Bitcoin is on the horizon.
On the flip side, there are several upcoming external events that could impact the market:
1) The US-Iran deal. If it closes, I think that's a positive.
2) The new Fed chair takes office on May 15, and their initial speech could either bring optimism to the market or, conversely, lead to pessimism. The arrival of Republicans at the Fed is often associated with a sharper rate cut pace. I believe that leading up to May 15, we might see some crypto buying due to this. At the same time, given the current uncertainties, the Fed chair's speech could disappoint, and any optimism might get sold off.
3) The next Fed meeting is in mid-June. There, we’ll get new forecasts on US GDP, inflation, and interest rates.
For now, my expectations lean towards a positive trend until May 15, then a potential downturn, and then we'll see how the next Fed meeting plays out.
However, looking at the daily candlestick chart, it seems like another dip for Bitcoin is on the horizon.
On the flip side, there are several upcoming external events that could impact the market:
1) The US-Iran deal. If it closes, I think that's a positive.
2) The new Fed chair takes office on May 15, and their initial speech could either bring optimism to the market or, conversely, lead to pessimism. The arrival of Republicans at the Fed is often associated with a sharper rate cut pace. I believe that leading up to May 15, we might see some crypto buying due to this. At the same time, given the current uncertainties, the Fed chair's speech could disappoint, and any optimism might get sold off.
3) The next Fed meeting is in mid-June. There, we’ll get new forecasts on US GDP, inflation, and interest rates.
For now, my expectations lean towards a positive trend until May 15, then a potential downturn, and then we'll see how the next Fed meeting plays out.
