Crypto Prices Fall, Then Rise on CPI Day – Bitcoin To Touch $20K Next?
Following initially pumping and dumping on CPI day and reaching a day low of $18,000, the Bitcoin price immediately rebounded to roughly $19,000 after a strong pump.
Inflation surged by a greater amount than anticipated, prompting worries of future Fed rate rises. Here is our whole market watch report.
The Bitcoin price is presently down less than 1% in the last 24 hours, and it is aiming to recapture the four-hour trendline it lost earlier today as traders speculated ahead of the CPI release.
In terms of relative strength, Bitcoin is also now outperforming equities. On CPI day, the S&P 500 touched a low of 3,491 before rebounding nicely and reaching a high of 3,660.
Elon Musk’s Latest Bitcoin Price Prediction
Elon Musk also tweeted a single phrase late yesterday night: ‘$20,000.’ While he has not yet issued a follow-up tweet, this indicates that the billionaire anticipates a Bitcoin price recovery to this psychological support level in the near future.
Elon’s enthusiasm in Bitcoin at its current price, as seen by his more regular tweets on Dogecoin, may have accelerated Bitcoin’s recovery on CPI day.
Nasdaq at July 2020 lows which is the equivalent of BTC being at $8.8k
Chimpzoo, a Bitcoin bull and previous Bitmex leaderboard leader, expects Bitcoin to remain over $19,000. Bitcoin has just closed an hourly candle over $19,000.
Numerous other market analysts anticipate a substantial move to the upside, even if it is a negative market rally; we just covered DonAlt’s Bitcoin price estimate of $29,000.
Bluntz, a well-known crypto trader, anticipates further range-bound price activity for the balance of the year and maybe far into 2023.
Pre-Sales for New Crypto
Investing in a new token presale is one strategy to combat the current high volatility and erratic price movement, as well as the sideways trading range.
IMPT token, a new cryptocurrency whose presale we’ve been watching, surpassed $4 million in first seed investment today.
