đĽUS CPI Sparks Bitcoin Volatility: New High or Price Plunge?
đ Dixonâs Warning on Market Volatility
Matthew Dixon, CEO of Evai, has cautioned that the upcoming Consumer Price Index (CPI) release on June 12th could lead to significant market volatility, especially for Bitcoin. With Bitcoin near its all-time high (ATH), this data could trigger either a new surge or a dramatic correction. Despite the uncertainty, Dixon remains optimistic about Bitcoin's long-term outlook, expecting a new ATH soon.
đ The CPIâs Role in Crypto Markets
The CPI, which measures the average change in prices paid by urban consumers for a basket of goods and services, is a key inflation indicator. Higher-than-expected CPI readings can lead to increased interest rates as central banks try to control inflation, affecting various investment markets, including cryptocurrencies.
For June 12th, the CPI median forecast is 0.1%, with a Year-Over-Year forecast of 3.4%. The Core CPI, excluding volatile food and energy prices, has a median forecast of 0.3% monthly and 3.5% year-over-year. These forecasts are slightly lower than the previous month's data.
đš Bitcoin Market Performance: An Overview
Bitcoin is currently priced at $67,840.10, with a 30-day change of +11.2%, close to its peak of $73,000. Since the Bitcoin halving in April, BTC has been highly volatile, making several attempts to break its ATH. Despite the short-term uncertainty, Dixon believes the long-term outlook for Bitcoin remains positive, with a new ATH on the horizon.
đ Lot Hinges on the CPI Release!
The upcoming CPI data release is crucial for understanding inflation trends and anticipating Bitcoinâs market movements. Whether the data meets expectations or not, it is likely to significantly impact BTCâs price. Investors should stay vigilant and prepare for potential market shifts.