New Record Expectation for Bitcoin: Unemployment and Inflation Data Will Be Decisive

Cryptocurrency research firm QCP Capital touched upon the factors that could bring Bitcoin to a new peak.

In its report published on June 6, QCP Capital analyzed the movements of Bitcoin and other cryptocurrencies in the market and explained investor expectations.

QCP Capital stated that US unemployment and inflation data could lead Bitcoin to reach new record highs. According to analysts, low unemployment applications and positive CPI data may push the price of Bitcoin to a new peak. Additionally, inflows of $488.1 million into spot Bitcoin ETFs also support this rise.

Analysts also said that after the Bank of Canada cut interest rates by a quarter point to 4.75%, the European Central Bank may take a similar step. This indicates that Bitcoin may gain momentum as the market prices in potential interest rate cuts.

US data is just around the corner

Despite the 5% decline experienced last week, it was stated that Bitcoin compensated for these losses and price movements may pause for a while while the market digests macroeconomic events.

It was emphasized that the non-agricultural employment data and unemployment data to be announced by the USA on Friday, June 7 could take Bitcoin to a new peak.

The cryptocurrency market remains sluggish ahead of US jobless claims and nonfarm payrolls data to be released on Friday. Bitcoin is trading at $71,065 and Ethereum is trading at $3,850. According to CoinGecko, the global crypto market cap reached $2.78 trillion, up 0.6% in the last 24 hours.

Note: I mentioned an important project in the pinned tweet. I definitely recommend you to read it.