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Three Important Events for Crypto Market to Watch This Week, Chainlink Whales Purchase $76 Million in LINK, Peter Brandt Issues Grim BTC Price Prediction: Crypto News Digest by U.Today

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Tue, 9/07/2024 - 16:15
Three Important Events for Crypto Market to Watch This Week, Chainlink Whales Purchase $76 Million in LINK, Peter Brandt Issues Grim BTC Price Prediction: Crypto News Digest by U.Today
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U.Today provides you with an overview of the past day's crypto events with the top three news stories.

This week is crucial for crypto market: Here's why

The community held its breath in anticipation of a crypto market shake-up, as three major events are taking place this week. One of them, semi-annual monetary policy testimony to the HFSC by Fed Chairman Jerome Powell, is delivered today, July 9. The other two, CPI and PPI data releases, are scheduled for July 11 and July 12, respectively. It is difficult to underestimate the importance of all three events: Chairman Powell's testimony provides information about the Fed's view on the economy and its plans for future monetary policy, while CPI and PPI economic indicators are used for evaluating inflation levels and directly impact monetary policy decisions. All financial markets, including cryptocurrencies, may be affected by the Fed's more aggressive approach to interest rates in response to higher-than-expected inflation. However, if inflation seems to be under control, the markets might experience some relief, and the price of digital assets might increase.

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Chainlink whales acquire $76 million in LINK - What's happening?

As recently reported by renowned crypto analyst Ali Martinez, over the past week, crypto whales have purchased more than 6.2 million LINK. At the current price level, this astonishing amount of tokens is worth approximately $76.88 million. This acquisition can be explained by whales' wish to take advantage of the recent crash on the broader market and buy the dip, as the LINK price dropped by 17.17% in the last month. Additionally, such behavior by these large market participants points at them anticipating a price rebound from the coin in the near future. The rise in whale activity helped the LINK price to grow by almost 4% to the $13.38 level yesterday, per CoinMarketCap data. However, today, the coin lost most of its gains; currently, LINK is changing hands at $12.82, down by 2.39%.

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"Minimum target is $44,000": Grim Bitcoin price prediction issued by legendary trader

The beginning of a new week was a bit rough for Bitcoin, with its price dropping briefly to $54,260 before recovering to $57,500 with a 3% gain. Against the backdrop of this downtrend, Peter Brandt, prominent market expert with extensive experience in trading, shared his opinion on Bitcoin's price action. Brandt suggested that the flagship crypto may have completed a double top pattern, with a potential minimum target being $44,000. Supporting his analysis, the expert attached a chart where he projected his expectations, with the level of around $44,000 clearly marked. If the double top pattern is confirmed, there is a significant risk of downside for Bitcoin. However, Brandt's outlook is not entirely bearish. He admitted that the current depth of the "top" of BTC is only around 10%, while for a true double top formation, the depth would need to be around 20% of the price. This suggests that the double top pattern does not fully satisfy the technical criteria, which could mean that the bearish scenario is unlikely to come true.

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