The stock and crypto markets are anxiously waiting for the Consumer Price Index (CPI) data which will be released on Thursday. While a handful of analysts believe Thursday’s CPI report will make the markets bullish, the others differ. Leading crypto analyst Michael Poppe predicted that the CPI data could most likely drop this time to 6.5% from 7.1% last month.
“CPI will most likely drop further this time, however, expectations are relatively low. 6.5% from 7.3% past month, which is a giant drop. Reality gave 7.1% last month, so it’s 0.6%, but still. Probably comes in at 6.6% or so, and markets are correct before continuing the rally,” he tweeted.
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Will Bitcoin Fall or Rise After the CPI Report?
Bitcoin climbed above the $18,000 mark on Thursday and is looking to breach the $19,000 level in the next leg. However, Thursday’s CPI report could make or break BTC’s price to reach $19K or reverse from thereon this week. Crypto analyst Altcoin Sherpa predicted that Bitcoin could reach $16,800 levels after the CPI data is out.
“Let’s see if this pulls back here; if it does, I would target $16.8kish. It’s the EQ of the range; there are lots of EMAs around there that should provide some support, etc. I do think that this is still going to the high 18ks/19ks before the run is over.
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I’ve been adamant in saying I don’t think this is the bottom though; I think that we likely retest 15ks again sometime in the future. With that said, I still think we have a bit more juice left here,” he tweeted.
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At press time, Bitcoin was trading at $18,191 and is up 4.3% in the 24 hours day trade. BTC is down 73.6% from its all time high of $69,044, which it reached in November 2021.