On this week’s The Market Report show, Cointelegraph’s resident experts discuss why Bitcoin (BTC) whales are accumulating right now and why this could be significant. Could this lead to the next bull run?
To kick things off, we break down the latest news in the markets this week:
Least volatile ‘Uptober’ ever — 5 things to know in Bitcoin this week
October 2022 has yet to prove itself as analysts predict “wild” Bitcoin price volatility for November. Bitcoin has started the last week of “Uptober” in a firmly average mood as the trading range to end all trading ranges continues to stick. Could this mean that a major trend change is about to occur? This week is going to be another important one with the release of the United States Personal Consumption Expenditures (PCE) Index for September. The week after will see the U.S. Federal Reserve meeting to decide on interest rate hikes based on specific data inputs, including PCE and the Consumer Price Index. The market currently expects another 75-basis-point hike, but what will the actual numbers be, and how will they impact the market?
What happened to all the hype around “Uptober?” So far, it has failed to deliver compared to October 2021. Some analysts are hoping for a dramatic turnaround in November, but Bitcoin has its work cut out for it if it’s going to reach anywhere near its previous all-time high.
Bitcoin will surge in 2023 — But be careful what you wish for
The Bitcoin community is divided about whether the token’s price is going to surge or crash in the year ahead. A majority of analysts and technical indicators suggest it could bottom between $12,000 and $16,000 in the months to come. This correlates with a volatile macroeconomic environment, stock prices, inflation, Federal data and, at least according to Elon Musk, a possible recession that could last until 2024. Meanwhile, influencers, BTC maximalists and a range of other fanatical “shills” maintain its price could skyrocket to $80,000 and beyond. There is evidence to support both sides. We discuss what next year could bring for Bitcoin.
Our experts cover these and other developing stories, so make sure you tune in to stay up-to-date on the latest in the world of crypto.
Next up is a segment called “Quick Crypto Tips,” which aims to give newcomers to the crypto industry quick and easy tips to get the most out of their experience. This week’s tip: Moving averages.
Lastly, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. Our analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week, so make sure to tune in to find out.
Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room and write your questions there. The person with the most interesting comment or question will stand a chance to win a one-month subscription to Markets pro.
The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those Like and Subscribe buttons for all our future videos and updates.
Source: https://cointelegraph.com/news/why-are-bitcoin-whales-accumulating-btc-watch-the-market-report
