Today, the critical inflation data that the FED attaches importance to when making interest rate decisions will be announced. While the FED paused interest rate cuts in January, the expectation of an interest rate cut has been extended to June.
At this point, while the CPI data to be announced today is of critical importance, it is estimated that a CPI data coming below expectations will be positive for Bitcoin (BTC).
10X Research founder Markus Thielen, known for his successful predictions, said that Bitcoin could rise if the US CPI data comes in below expectations.
Markus Thielen noted in a recent report that Bitcoin could see a relief rally if the CPI comes in lower than the expected 2.9%.
“Today, the CPI will be announced and the expectation is 2.9%.
However, the US Truffle Inflation Index, which tracks real-time inflation, fell to 2.1% from 3.0%, suggesting that inflation pressures may ease faster than expected.
If CPI surprises to 2.7% or 2.8%, Bitcoin could see a relief rally.”
Bitcoin continues to trade at $95,880 at the time of writing.
*This is not investment advice.
Continue Reading: Will US CPI Data Start a Rally in Bitcoin? Analysis Firm Explained!
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Author: NixCoin
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