Bitcoin
Crypto Ratings Firm Predicts Market Turmoil Ahead of US CPI Release
Get ready, crypto enthusiasts – there’s a tough road ahead!
As the US prepares to release key inflation data, Matthew Dixon, CEO of Evai, warns of significant market volatility. With Bitcoin hovering near its all-time high, crypto traders and investors are bracing for possible large price swings. Will the data trigger a new price rise or a dramatic correction?
Read on to find out what Dixon’s insights could mean for Bitcoin and the broader cryptocurrency market.
Dixon’s Warning on Market Volatility
Matthew Dixon recently turned to Platform X to highlight the growing fear in the markets, especially with Bitcoin. He highlighted that the upcoming Consumer Price Index (CPI) release on June 12 could take BTC to new all-time highs (ATH) or send it further lower, continuing its recent correction phase.
Despite this uncertainty, Dixon remains optimistic about the long-term prospects, expecting a new ATH soon.
The role of CPI in crypto markets
The CPI measures the average change in prices paid by urban consumers for a basket of goods and services and is a key indicator of inflation. Higher than expected CPI readings could lead to rising interest rates as central banks try to control inflation, which often affects various investment markets, including cryptocurrencies.
The median CPI forecast is 0.1%, while the annual CPI forecast is 3.4%. The Core CPI, which excludes volatile food and energy prices, has a median forecast of 0.3% monthly and 3.5% year-over-year. These forecasts are slightly lower than the previous month’s data: CPI was 0.3%, year-over-year CPI was 3.4%, core CPI was 0.3%, and year-over-year core CPI was 3.6%.
Bitcoin Market Performance: An Overview
Bitcoin is currently priced at $67,840.10 with a 30-day change of +11.2%. It is near its peak of $73,000. Since the Bitcoin halving in April, BTC has been highly volatile, making several attempts to break its ATH.
Despite the short-term uncertainty, Dixon believes the long-term outlook for Bitcoin remains positive, with a new ATH on the horizon.
Much depends on the disclosure of the CPI!
The upcoming release of CPI data is crucial to understanding inflation trends and anticipating Bitcoins market movements. Whether the data meets expectations or not, it is likely to have a significant impact on the price of BTC. Investors should remain vigilant and prepare for potential changes in the market.
Stay tuned to Coinpedia to see how these developments unfold and prepare for potential changes in the market! Follow us for more updates on Bitcoin and cryptocurrency trends!
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