Analyst Warns Of 10% Bitcoin Price Drop Ahead Of CPI Data
2024年11月13日 - 11:00PM
NEWSBTC
Recently, there have been significant fluctuations in the prices of
Bitcoin; presently, they oscillate between $87,000-$87,500. This
may not be eye candy to investors who are currently on the
sidelines waiting for the coin to hit $90k, particularly the
release of CPI data set today, November 13. This news is perceived
by analysts to have a considerable influence on market sentiment
and the expected direction of the alpha crypto asset. Related
Reading: XRP Price Patterns And 2024 Election Spark Talk Of A New
Rally The Barometer For Inflation Reflecting changes in the prices
consumers pay for goods and services, the CPI report is a main
indication of inflation. Expectations about the CPI can cause more
volatility in the bitcoin markets as inflation rates affect the
Federal Reserve’s choices on monetary policy. Recent trends imply
that should inflation remain lowered, the Federal Reserve might cut
interest rates—historically this has had a positive effect on
Bitcoin prices. Reduced borrowing rates sometimes inspire
investment in risky assets such as cryptocurrencies, hence
increasing demand for Bitcoin. #Bitcoin is up to $90,000 and I
think we’re about to get started with the markets. The sweet spot
is having a 10% correction towards the CME gap before we continue.
I’m slightly bearish going into CPI tomorrow.
pic.twitter.com/dfpUc2df1k — Michaël van de Poppe (@CryptoMichNL)
November 12, 2024 Growing Investor Trust Famous crypto expert
Michaël van de Poppe, the founder of MNConsultancy, said that the
current state of affairs in the crypto market corresponds well to
the positive assessment of Bitcoin. In case CPI statistics would
indicate more cases of inflation drops, he says that this would
lead to growing investor trust and higher capital inflows into
Bitcoin and other cryptocurrencies. Will Bitcoin Retrace? He also
cautions, though, that unanticipated inflation rises could surprise
markets and cause pricing adjustments all around. He anticipates a
10% Bitcoin retracement prior to the release of CPI data, targeting
a range of $75,660 to $81,193. Market Reactions And Predictions As
traders get ready for the CPI figures, the general market mood
remains mixed. Some experts think that positive CPI numbers could
lead to a rise in Bitcoin prices, but others say that people
shouldn’t get too excited. Meanwhile, many investors are still
optimistic about the long-run prospects of Bitcoin. The incoming
administration of newly-elected US President Donald Trump adds
another layer of complexity to market dynamics. Related Reading:
Shiba Inu Strategic US Hub Plan Sends SHIB Price On A 23% Moonshot
According to Van de Poppe, short-term regulatory actions will
benefit Bitcoin, but their long-run consequences might be something
more complex if control for inflation is not handled well.
Meanwhile, as Bitcoin continues in its path for a major price
discovery, the focus will be on the CPI data and the impact they
have on digital assets. Such an unpredictable environment should be
approached with caution by investors while they remain focused on
economic events that could swing their investments. At the time of
writing, Bitcoin was trading at $87,509, up 2.1% and 17.2% in the
daily and weekly timeframes, data from Coingecko shows. Featured
image from The VR Soldier, chart from TradingView
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