As April comes to a close, the markets are bracing for a busy week ahead, with multiple macro events on the horizon. The monetary policy decisions of four major central banks - the Bank of Japan, the US Federal Reserve, the European Central Bank, and the Bank of England - are set to take center stage. Additionally, a slew of key US data releases, including first-quarter GDP and March PCE inflation, are expected, along with earnings reports from major companies such as Visa, Mastercard, Robinhood, and several prominent tech firms.
These developments could either bolster or undermine the current market sentiment. According to Markus Levin, co-founder of XYO, bitcoin is poised to start the week with significant momentum around the $78,000 mark. However, the prospect of persistent inflation and a potential hawkish tone from the Fed could lead to a short-term pullback to the $72,000-$74,000 range. Levin also emphasized the importance of tech giants' earnings reports, as they could significantly influence the market trajectory, while the outcome of US-Iran talks may impact oil and dollar movements, thereby steering market sentiment.