Bitcoin weekly: Altseason starting?

Bitcoin spent another week consolidating after the breakout in early July. The conservative price target of $142k remains.

Last week, the first half of the week was all smiles on good inflation data. Then on Thursday the latest US PPI numbers came in worse, and threw a bit of cold water on the party.

Taking a step back though, the weekly bitcoin chart is still bullish, spending another week consolidating after the breakout back in early July. The breakout is still intact, with a price target of $142k.

Meanwhile, bitcoin dominance broke down below 60% during the week, and then closed the week well below. It has now broken down below weekly support, as well as below the 40 week ema, indicating that the trend is shifting. This is another sign that altseason is indeed on the horizon. Although right now it doesn’t seem to be in any hurry.

In macro this week, all eyes will be on the big-wig central bankers meeting at the US Jackson Hole Symposium. On Friday, Fed chairman Powell will give his comments on the Fed’s policy going forward, which will set market expectations for a September rate cut. So we’ll keep an eye on that, and more importantly on how the markets react to whatever Mr. Powell says.