Bitcoin
Summer correction appears to be ending as Bitcoin begins to rise, analysts reckon
Bitcoin (BTC) soared to new heights, experiencing the most significant daily gain in nearly two months, thanks to the release of US Consumer Price Index (CPI) data.
The cryptocurrency market witnessed an impressive rise with BTC surpassing the $66,252 mark. This increase was fueled by expectations regarding potential changes in monetary policy by the Federal Reserve (Fed) and a positive outlook for several risky assets, including cryptocurrencies.
Consumer Price Index Information
Recent data from US Consumer Price Index (CPI) showed an increase of 3.4% in the 12 months ending in April, slightly lower than the 3.5% increase observed in March. This suggests a slowdown in price growth, in line with projections of a gradual easing of inflationary pressures in the coming months.
The impact of the CPI news rippled across multiple asset classes, with Bitcoin notably rising above the $66,000 resistance level following the data release.
This breakout is seen as a critical moment, potentially indicating the end of the summer correction and paving the way for further upward momentum towards unprecedented highs.
Crypto Analysts Weigh In
Renowned crypto analysts have weighed in on Bitcoin’s rise, offering valuable insights into its future trajectory. Rekt Capital suggested a possible reversal of Bitcoin’s downtrend, noting decreasing selling pressure and Bitcoin stabilizing around the $60,000 support level. This suggests that the rise to $66,000 could signal renewed momentum towards record highs.
Peter Brandt expressed confidence in Bitcoin’s upward trajectory, predicting new record levels ahead. However, he emphasized the importance of a strong break above $67,000 to validate this outlook.
Different views
In contrast, Michael van de Poppe interpreted Bitcoin’s advance as a sign of stability and potential growth. He anticipates a period of calm in the Bitcoin market, accompanied by accelerated growth in alternative cryptocurrencies (altcoins).
As the price of Bitcoin continues to rise, these analysts’ insights offer valuable insights for investors navigating the crypto market.
Also check out: QCP predicts Bitcoin rise to $74K amid strong institutional support
With inflation seemingly under control, is now the time to invest in Bitcoin? Let us know your strategy!