"Maybe we can maybe not, whatever we have to see and be ready."
The cryptocurrency market is now always ready to examine economic statistics to determine the future price movement of Bitcoin (BTC), here are the top three data that investors will be watching this week.
One of them is further NFP data including retail sales data which will shed more light on the same topic in determining whether the Federal Reserve (Fed) will lower interest rates or not.
So here it can be seen that good data can give a boost to investor sentiment thus pushing the price of BTC to go higher.
Fed Vice Chairman Philip Jefferson's remarks this week will also cause investors to closely monitor where they have placed much reliance on the Fed's interest rate decisions when valuing assets in the past.
If interest rates drop soon, the crypto market will benefit from higher risk appetite and robust purchasing power further triggering a bull run for the crypto market including BTC.
Not only that, the BTC halving event scheduled to take place on April 20, 2024 is also very important following the gradual decrease in block rewards for miners to contribute to supply and demand management.
There is no denying that the BTC halving basically creates an imbalance of demand and supply, but it has the potential to lead to the much-anticipated significant increase in the price of BTC.
