The Bitcoin market faces significant selling pressure as the price fluctuates close to $104,000. Current global economic tensions are adding to the instability, and anomalies are becoming a regular part of the crypto landscape. With these conditions, what price levels could Bitcoin and Maker (MKR) Coin reach during the summer, and what critical events are on the horizon?
What Are the Summer Targets for MKR and BTC?
Volatility has surged as anticipated with the end of tariffs on July 9, as global trade discussions continue. The U.S., led by Trump, is working towards breaking the negotiation stalemate, particularly focusing on China after having accelerated talks with the EU. Many expect countries like India to soon announce successive agreements under these circumstances.
Market analyst Waleed Ahmed predicts that MKR Coin might soar to price levels between $3,250 and $4,074 driven by a rising trend over the summer months.
Quinten forecasts that Bitcoin could reach a staggering $150,000 this summer as global liquidity inflates. A peak at this level might result in significant capital shifting from Bitcoin into altcoins, potentially multiplying investments by over 10 times. However, not all altcoins are expected to benefit.
What Will Powell Say Tonight?
At 20:00, Federal Reserve Chairman Powell is set to present his remarks. He’s speaking at an anniversary conference and will address significant issues like exchange and interest rates. There are notable rumors that Trump might want Powell removed to facilitate interest rate cuts, increasing the significance of Powell’s comments.
A noteworthy meeting at the White House recently concluded, keeping everyone on edge. While it seems improbable for Powell to announce his resignation today, his express dismissal would negatively impact cryptocurrency markets.
Yet, should Powell indicate that “tariffs won’t damage the economy severely” and express confidence in upcoming agreements, it might boost market confidence. Increased interest rate cut expectations could follow such optimism, especially as the Fed hesitates on rate reductions due to potential tariff-induced crises. More clarity on these discussions with Trump is moments away.
As critical events unfold, the cryptocurrency market’s direction in the coming months will largely depend on today’s economic discourse and subsequent developments.
