The US Consumer Price Index [CPI] had a big impact on the crypto verse back in Be able to† In addition to the crypto market, both stocks and bonds plummeted. The world’s largest cryptocurrency, Bitcoin appears to be feeling the heat long before June’s CPI numbers are out. At the time of writing, BTC was trading at $19,780. In addition, the White House believes the forthcoming CPI numbers would be “very inflated.” In May, the CPI rose by 8.6 percent. On a year-over-year basis, this was the highest the US has seen since 1981.
Now back to the crypto verse. The fate of Bitcoin is certainly uncertain. However, the community had to be wary of the volatility that will hit the market. Amid all this, Bitcoin analysts and traders were seen sharing their predictions for after the CPI numbers were released.
Taking into account the May CPI rate of 8.6, a crypto investor suggested anything higher than this would be bearish.
However, prominent crypto-analyst Michaël van de Poppe believes that inflation could decrease this time around. He wasn’t alone. It is speculated that falling energy prices have already reduced inflation. While he notes that it is a good time to buy crypto given its current value, suggested that it can be lower.
When will Bitcoin hit rock bottom?
Bitcoin struggles to find support at $20K. While predictions are over bottom continued to circulate, the asset continued to exhibit volatility. Another analyst, The Moon, with only hours left before the CPI numbers, took to Twitter and suggested that BTC could move towards $13K.
Lark Davis decided to leave it to the approaching CPI data.
However, a few others felt that CPI had nothing on Bitcoin. In the long run, BTC is expected to be ahead of inflation. Bitcoin’s early adopter Heidi said†
“Bitcoin doesn’t care about the CPI. In the long run, #BTC will stay well ahead of inflation.”
US CPI data will be released later today at 8:30 am ET. In the meantime,