, 2022-12-13 01:02:42,
- CPI report and FOMC interest rate decision expected this week could see BTC and LTC either rally or crash.
- Analysts believe that there is more likelihood of a year-end rally for the market based on previous Fed comments.
While the cryptocurrency market has been trading in a consolidation trend, analysts are looking forward to two upcoming market events that could determine a price surge or sharp drop, especially for Bitcoin (BTC) and Litecoin (LTC).
Popular crypto analyst Nicholas Merten pointed out these near-term events on which the fate of the market rests. In an analysis video, he told his over 511,000 subscribers that the market is waiting for the Consumer Price Index (CPI) report and the last Federal Reserve’s Federal Open Market Committee (FOMC) meeting of the year.
The two events are, notably, slated for this week. The CPI report will be out on Dec. 13, while the FOMC meeting is scheduled for Dec. 14 to 15. According to Merten, the outcome of the CPI report—if there is a greater-than-expected inflation rise or not—will directly affect the Fed’s decision to raise interest rates or not in its FOMC meeting.
“If the Federal Reserve sees a major upset in the CPI to the downside, meaning that inflation is still incredibly elevated month over month and that the annualized target that they’re aiming to reach of 2% is still far away, then they may very well…
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