Federal Reserve Chairman Jerome Powell Will Speak Two Days in a Row! What Will Be the Impact on Bitcoin's (BTC)? Here Are the Expectations and What You Need to Know!

As Bitcoin and altcoins continue to struggle with declines, another critical week has begun. This week, on February 11th Tuesday and February 12th Wednesday, FED Chairman Jerome Powell will present on the six-month monetary policy at the House Financial Services Committee and the Senate Banking Committee.

In addition to Powell's critical remarks, January CPI data will be released on Wednesday, February 12th, and PPI data will be released on Thursday, February 13th in the US.

At this point, FED Chairman Powell will testify on Tuesday at 10:00 AM EST and 6:00 PM GMT+3 in front of the Senate Banking Committee and the next day before the House Financial Services panel.

What is Powell Expected to Say?

Expectations are increasing that the speech of Federal Reserve Chairman Jerome Powell could trigger a change in direction for Bitcoin, potentially allowing it to revisit $100,000 and end its six-day consolidation. There is also curiosity about what Powell will say.

Analysts predicted that it is not very likely for the price of Bitcoin to reach $100,000 due to Powell's speech and many other reasons.

Market analysts expect the Fed chairman to likely indicate that the economy is resilient, emphasizing the Fed's dual mandate of maintaining price stability and achieving maximum employment.

It is also expected that Powell will continue to emphasize data-driven approaches to reduce inflation.

At this point, analysts believe that Powell's speech will have little impact on Bitcoin's price beyond short-term volatility in BTC.

Tim Duy, Chief Economist of SGH Macro Advisors, speaking to Bloomberg, said that FED members agree that there will be no interest rate cuts until the second half of 2025, but the rapid change in the outlook for interest rates could be influenced by the lower-than-expected January employment data.

Duy, who stated that a weaker employment data would bring interest rate cuts back on the agenda, said that this situation could bring an increase for risky assets such as Bitcoin.

Will the Statements of the FED Chairman Bring a Rise in Bitcoin?

Bloomberg economists also explained what is needed for a rise in Bitcoin and cryptocurrency prices after Powell's statements.

"Chairman Powell said that the FED would need to see real progress in inflation or some weakness in the labor market to consider cutting interest rates.

If Powell acknowledges progress in his statement tomorrow and the day after tomorrow and gives a hint of an interest rate cut before June 2025, only then can it trigger risk-taking behavior and push the Bitcoin price even higher.