• Fed Chairman Jeremy Powel is scheduled to deliver a speech in Sweden.
• Crypto markets and stock market investors are uncertain about what to expect from the speech.
• Analysts have warned traders to be careful during the speech, as the markets could turn volatile.
Fed Chairman Jeremy Powell is scheduled to deliver a speech at the Sveriges Riksbank International Symposium on Central Bank Independence in Sweden. As the speech draws near, the crypto markets and the stock market investors have been left uncertain about what to expect from the speech. The Bitcoin price is expected to rise slightly and massive liquidations may occur if it hits $17,500.
This has caused some analysts to issue a warning to traders to be careful during the speech. They believe the markets could turn extremely volatile and unpredictable in response to the speech. Michael van de Poppe, a popular analyst, has stated that Jerome Powell has no basis to produce a dovish speech apart from having more than 50 PMI from Friday. He believes that the markets may just be relaxed and display no major impacts.
On the other hand, the markets have responded negatively in the past whenever the FED chair delivered a speech with a dovish outlook. So it remains to be seen if the markets will follow the same pattern after Powell’s speech. If so, this could lead to a huge drop in the crypto markets.
It is important to note that the markets are unpredictable and highly volatile. Hence, traders must be extra cautious while trading during Jerome Powell’s speech. They should also keep track of the Bitcoin price and the other crypto markets in order to make informed decisions. Despite the uncertainty, this could be a great opportunity for traders to make profits depending on how the markets react to the speech.