Chinese authorities might increase special sovereign bonds to $420 billion this year due to lower-than-expected economic growth following COVID-19 restrictions, according to Zhang Ming of the Chinese Academy of Social Sciences. Economists at BitMex suggest that China could unleash fiscal stimulus in the crypto market next year and expect a bullish phase thereafter.
Expectations are high for Federal Reserve chair Jerome Powell’s speech from Jackson Hole, Wyoming, with traders anticipating interest rates to start decreasing soon. Bitcoin has already broken past its previous all-time high of $60,000 and is maintaining strength above this level. The market consolidation near the 2021 high for over six months indicates strong upward momentum if bitcoin breaks out of this range now.
The U.S. presidential election could also potentially serve as a catalyst for bitcoin price growth, given its impact on political discourse surrounding crypto and cryptocurrencies. However, the key indicator would be when bitcoin decisively breaks $62,000, establishing a new trading pattern.