Bitcoin on Edge: Crypto Rating Firm Predicts Market Turbulence Ahead of CPI Release
The post Bitcoin on Edge: Crypto Rating Firm Predicts Market Turbulence Ahead of CPI Release appeared first on Coinpedia Fintech News
As the US prepares to release key inflation data, Matthew Dixon, CEO of Evai, warns of significant market volatility. With Bitcoin teetering near its all-time high, crypto traders and investors are bracing for potential major price swings. Read on to discover what Dixen’s insights could mean for Bitcoin and the broader cryptocurrency market.
Crypto Market Fear Ahead of US CPI Release
Matthew Dixon recently took to the X platform to highlight the palpable fear in the markets, particularly evident in Bitcoin.
He noted that the upcoming Consumer Price Index release on June 12th could drive BTC to new ATH or push it further down, continuing its recent correction phase. Dixon remains optimistic about the long-term outlook, expecting a new ATH soon.
US CPI and Its Impact on Bitcoin
The CPI measures the average change in prices paid by urban consumers for a basket of goods and services. It is a key indicator of inflation. Higher-than-expected CPI readings can lead to increased interest rates as central banks attempt to control inflation, which often affects various investment markets, including cryptocurrencies. The CPI median forecast is 0.1%, while the CPI Year-Over-Year 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%, CPI Year-Over-Year was 3.4%, Core CPI was 0.3%, and Core CPI Year-Over-Year 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 close to 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. The upcoming CPI date release is crucial for understanding inflation trends and anticipating Bitcoin’s market movements. Whether the data meets expectations or not, it is likely to have a significant impact on BTC’s price.
Stay tuned with Coinpedia to see how these developments unfold and prepare for potential market shifts! Follow us for more updates on Bitcoin and cryptocurrency trends!
Also Read: Can These High Potential Altcoins Make You Rich in Just 60 Days? Analyst Says ‘Yes’
