Brace yourselves, crypto enthusiasts – there’s rocky 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 potential major price swings. Will the data trigger a new price surge or a dramatic correction?
Read on to discover what Dixon’s insights could mean for Bitcoin and the broader cryptocurrency market.
Matthew Dixon recently took to the X platform to highlight the growing fear in the markets, especially with Bitcoin. He pointed out that the upcoming Consumer Price Index (CPI) release on June 12th could push BTC to new all-time highs (ATH) or send it further down, continuing its recent correction phase.
Despite this uncertainty, Dixon remains optimistic about the long-term outlook, expecting a new ATH soon.
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 can lead to increased interest rates as central banks try 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 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.
Lot Hinges on the CPI Release!
The upcoming CPI data 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. Investors should stay vigilant and prepare for potential market shifts.
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!
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