Bitcoins Future Uncertain Crypto Rating Firm Forecasts Market Instability Before CPI Announcement
As the US gears up to unveil important inflation figures, Matthew Dixon, the CEO of Evai, is sounding the alarm about potential market turbulence. With Bitcoin hovering near its all-time high, the crypto community is bracing itself for possible significant price fluctuations. Keep reading to explore how Dixon’s insights could impact Bitcoin and the wider cryptocurrency market.
Crypto Market Anxiety Before US CPI Announcement
Matthew Dixon recently shared his thoughts on the X platform, pointing out the palpable anxiety in the markets, especially noticeable in Bitcoin.
He highlighted that the upcoming release of the Consumer Price Index on June 12th could either propel BTC to a new all-time high or push it further down, extending its recent correction phase. Dixon remains positive about the long-term prospects, anticipating a new all-time high in the near future.
US CPI and Its Influence on Bitcoin
The Consumer Price Index tracks the average price changes paid by city-dwelling consumers for a selection of goods and services, serving as a crucial gauge of inflation. Higher-than-anticipated CPI readings can result in increased interest rates as central banks strive to manage inflation, impacting various investment markets, including cryptocurrencies. The median forecast for CPI is 0.1%, while the year-over-year forecast stands at 3.4%. The Core CPI, which excludes volatile food and energy prices, is predicted to increase by 0.3% monthly and 3.5% year-over-year. These forecasts are slightly lower than the previous month’s data, with CPI at 0.3%, year-over-year CPI at 3.4%, Core CPI at 0.3%, and year-over-year Core CPI at 3.6%.
Bitcoin Market Performance: A Summary
Currently valued at $67,840.10, Bitcoin has seen a 30-day change of +11.2% and is nearing its peak of $73,000. Since the Bitcoin halving in April, BTC has experienced significant volatility, attempting multiple times to surpass its all-time high.
Despite the temporary uncertainty, Dixon remains optimistic about Bitcoin’s long-term prospects, foreseeing a new all-time high on the horizon. The upcoming release of the CPI data is crucial for understanding inflation trends and predicting Bitcoin’s market movements. Whether the data meets expectations or not, it is likely to have a substantial impact on Bitcoin’s price.
Keep an eye on Coinpedia to witness how these developments unfold and be prepared for potential market shifts! Follow us for more updates on Bitcoin and cryptocurrency trends!
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