Crypto:
30188
Bitcoin:
$69.998
% 4.63
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.998
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Rising Inflation Expectations Cast Shadow on Bitcoin Price, Experts Predict Drop Below $60,000

Tempory 101

The upcoming release of the Consumer Price Index (CPI) for March by the U.S. Bureau of Labor Statistics is a critical event for financial markets. This data will influence the Federal Reserve’s decision-making regarding potential interest rate cuts.

Wall Street Banks Anticipate Higher Inflation

Leading Wall Street banks, including JPMorgan, Citi, Goldman Sachs, and others, are revising their inflation forecasts upwards. They anticipate a higher CPI reading compared to the previous month’s 3.2%. This could delay the Federal Reserve’s plan for rate cuts, which has been a key factor supporting Bitcoin’s recent price rise.

Headwinds for Bitcoin

Bitcoin is facing several headwinds, including a strong U.S. dollar, rising 10-year Treasury yields, and potential regulatory tightening. Additionally, uncertainties surrounding the upcoming Bitcoin halving event and future inflation trends are causing concerns among investors.

Experts Predict Bitcoin Price Correction

Financial analysts, including Benjamin Cowen, Peter Brandt, and Markus Thielen, are predicting a potential Bitcoin price correction below $60,000. This prediction is based on historical patterns observed during previous halving events and the launch of spot Bitcoin ETFs.

Technical Indicators Pointing Towards Sell-Off

Technical indicators suggest a potential sell-off in the cryptocurrency market. Bitcoin’s price has fallen by 3% in the past 24 hours, with a decline in open interest across major exchanges like CME and BitMEX.

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