Sunday, June 4, 2023

This is what bitcoin analysts have to say about US inflation

As the US inflation report was released today, various analysts on Bitcoin (BTC) and other cryptocurrency markets gave their impressions.

Andre Elos, Scott Melker he pointed Inflation of 4.9% was “better than expected” and bitcoin and gold prices will “fly off”. He suggested that this is due to a more positive outlook in the United States.

In short, year-on-year inflation in the United States fell to 4.9%, a figure well below the 5% expected it touched last month. Thus, as reported by CriptoNoticias, year-over-year inflation in the US powerhouse has decreased for the tenth month in a row. And before that the bitcoin price increased from $27,700 to $28,400.

L analyst Michael van de Poppe Stressed on that a result below 5% is expected to be a “good sign” and that “it is excellent to be less than expected”. however, clarified that “the month-on-month figures are worse than expected and show that inflation remains firm.” It rose 0.4% on a monthly basis, indicating that inflation has not yet disappeared.

With this scenario, Michael believes that “we will have an extended period” with similar data and it will affect bitcoin. Initially, he opined that the cryptocurrency’s rise “provided a spectacular reaction”, although he still believes that it could drop to $26,800.

In his opinion, bitcoin needs to turn USD 27,800 into its support (minimum value) and break USD 29,200. This last figure is “the deciding factor before new highs”, as it has not managed to stay above the times it was crossed in the past fortnight, express Michael.

“We will probably see bitcoin hit $29,000 today,” for the trader known as SantinoCripto. so it he claims Given that year-on-year inflation is lower than expected and Resource that the United States Federal Reserve (Fed) is close to making a pivot (change in monetary policy) by lowering interest rates.

Fed Chairman Jerome Powell recently reported that the May rate hike could be the last for now. For this reason, various analysts believe that BTC may continue to rally until the agency defines its next monetary decision scheduled for July.

Traders Expect Bitcoin to Respond Better to the Upcoming Inflation Report

From another post, businessman Daniel Muwadi sent “Inflation is heating up more than I thought” and “yet the market is reacting positively to the small drawdown”. However, he stressed that market readings for the next two inflation reports to be published in June and July “will be very strong.”

Similarly, cryptocurrency market analyst Juan Rodriguez Said That the next inflation report is expected to be “more positive”. Of course, this is in case the decline continues, which could be in Bitcoin’s favor.

Nation World News Desk
Nation World News Desk
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