Here’s how Bitcoin traders are preparing for the CPI report

Sahana Kiran
Source – The Street

The US Consumer Price Index [CPI] had a major impact on the crypto-verse back in May. In addition to the crypto market, stocks, as well as bonds, plummeted. The world’s largest cryptocurrency, Bitcoin seems to be feeling the heat long before the June CPI numbers are out. At press time, BTC was trading for $19,780. Furthermore, the White House believes that the upcoming CPI numbers would be “highly inflated.” In May CPI surged by 8.6 percent. Considering a year-over-year basis, it was the highest the US has witnessed since 1981.

Now, veering back to the crypto-verse. The fate of Bitcoin is certainly uncertain. However, the community had to be wary about the volatility that is bound to hit the market. Amidst all of this, Bitcoin analysts and traders were seen sharing their predictions for after the CPI numbers were out.

Taking May’s CPI percentage of 8.6 into consideration, a crypto investor suggested that anything higher than this would be bearish.

Prominent crypto analyst Michaël van de Poppe, however, believes that inflation could decrease this time. He wasn’t the only one. The dropping energy price is speculated to have already eased inflation. While noting that it’s a great time to buy crypto considering its current value, he suggested that it could go lower.

When will Bitcoin achieve its bottom?

Bitcoin has been struggling to find support at $20K. While predictions about its bottom continue to circulate, the asset continued exhibiting volatility. Another analyst, The Moon with just hours left for the CPI numbers, took to Twitter and suggested that BTC could go to $13K.

Lark Davis decided to leave it up to the imminent CPI data.

A few others, however, believed 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. Over the long run #BTC will keep well ahead of inflation.”

The US CPI data will be released at 8:30 a.m. ET later today. Meanwhile,