According to the latest news, Federal Reserve Chairman Jerome Powell will deliver an important speech at the Jackson Hole Economic Policy Symposium at 10 PM Beijing time on August 22. This annual heavyweight event is highly anticipated by the market and is expected to have a significant impact on the cryptocurrency market, including Bit.

Analysts generally believe that the content of Powell's speech may trigger significant fluctuations in Bitcoin prices. If dovish signals are conveyed, Bitcoin is expected to break through the $120,000 mark; conversely, if a hawkish stance is exhibited, the Bitcoin price may fall below the $116,000 support level.

Given the current market uncertainty, investors should proceed with caution and ensure adequate risk management. Before Powell's speech, many traders may choose to adopt a wait-and-see attitude, awaiting a clear market direction before making decisions.

Regardless, the Jackson Hole meeting will undoubtedly be a key turning point for the cryptocurrency market, and its impact may last for a considerable amount of time. Investors need to closely monitor developments and adjust their investment strategies in a timely manner.