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Bitcoin and Altcoins: Here Are Key Macro Event Dates to Watch Out for in 2023

Tue, 01/03/2023 - 14:05
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Tomiwabold Olajide
Investors might gain clues into direction of rate hike policy
Bitcoin and Altcoins: Here Are Key Macro Event Dates to Watch Out for in 2023
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Bitcoin and digital asset markets typical respond strongly to announcements of rate hikes by the Federal Reserve, making Federal Reserve (Fed) meetings closely followed events.

Market watchers note that FOMC meetings frequently result in considerable volatility, with analysts keenly examining Fed Chair Jerome Powell's words for cues to longer-term economic policies.

Also in 2023, the spotlight will be on these meetings to gain some clues as to the direction the rate hike policy might take and the projected trajectory of inflation. The FOMC holds eight regular meetings each year, with the option of holding additional meetings if necessary.

Tim Draper Predicts 1,400% Rally for Bitcoin by Mid-2023

The committee of 12 U.S. central bankers meets for two days to review economic figures, discuss monetary policy decisions that are made public after the end of the second day of the meeting and to hold a press conference with Jerome Powell as speaker.

The Fed's meeting dates in 2023 are as follows: Jan. 31–Feb. 1, March 21–22, May 2-3, June 13–14, July 25–26, Sept. 19–20, Oct. 31–Nov. 1 and Dec. 12–13.

Bullish January?

The Fed's next meeting is not until Jan. 31–Feb. 1 based on the above dates. Santiment anticipates that market speculators may engage in optimistic trades at the start of January 2023 for several reasons outlined in its insights report.

It stated that if the U.S. stock market experiences a relief rally at the start of January, it might boost the sentiment of cryptocurrency traders.

Bitcoin Might Reach $149K After Next Halving Cycle: Pantera Capital

According to the on-chain analytics company, if Bitcoin can break out of its 51-day range, it may try to reach the $20K–$21K level.

Unfortunately, recent macroeconomic developments have led to weak positive moves for Bitcoin. In this scenario, if the range barrier is not broken, Bitcoin may move closer to the $14K area.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.