Bitcoin (BTC) will need to see a slowdown in United States inflation when results are released next month before it can consider surpassing its all-time highs reached in March, according to a crypto analyst. <\/p>\n
If inflation prints 3.3% or lower, Bitcoin should make a new all-time high, 10x Research head researcher Markus Thielen stated in a May 29 report ahead of the United States Bureau of Labor Statistics (BLS) releasing the Consumer Price Index (CPI) results on June 12. <\/p>\n
This represents a 0.1 percentage point decrease from the previous CPI result, which came in at 3.4% on May 15. Thielen believes that in these two weeks before the May CPI results are released, spot Bitcoin exchange-traded funds (ETF) inflows will remain strong in anticipation. <\/p>\n
But, if CPI results turns out to be higher than exp, momentum could weaken, as seen earlier this year. <\/p>\n
Over the past two weeks, since May 13, spot Bitcoin ETF inflows tracked by Farside data have been positive day-on-day, with the highest day of total inflows on May 21 at $305.7 million. <\/p>\n
Thielen argued that there are no random moves in Bitcoins price; it all comes down to critical drivers, with its main driver being inflation. <\/p>\n
There have been several instances throughout this year when Bitcoins price declined following higher-than-expected CPI results. <\/p>\n
On April 10, the CPI was printed at 3.5%, just 0.1% higher than expected. Just a few weeks later on April 30, Bitcoins price dropped 6.67% to $56,000. <\/p>\n
Related: Bitcoin in 42-day boredom zone traders debate next move <\/p>\n
Thielen noted that when spot Bitcoin ETFs launched on Jan. 11, despite $611 million in inflows on the first day, the rest of Januarys inflows were disappointing. <\/p>\n
He claimed that the main reason for this was that CPI results printed higher than expected. <\/p>\n
The CPI came in at 3.4%, higher than the 3.2% expected number and higher than the 3.1% recorded in the previous month, Thielen wrote. <\/p>\n
It is no coincidence that Bitcoin was weak in January and stronger into March but consolidated for two months, he added. <\/p>\n
Magazine: Bots, airdrops push Ronin to No.2 blockchain for daily users Not Pixels fans <\/p>\n
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. <\/p>\n
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See the original post: Bitcoin (BTC) will need to see a slowdown in United States inflation when results are released next month before it can consider surpassing its all-time highs reached in March, according to a crypto analyst. If inflation prints 3.3% or lower, Bitcoin should make a new all-time high, 10x Research head researcher Markus Thielen stated in a May 29 report ahead of the United States Bureau of Labor Statistics (BLS) releasing the Consumer Price Index (CPI) results on June 12. This represents a 0.1 percentage point decrease from the previous CPI result, which came in at 3.4% on May 15 Continue reading
\nBitcoin needs '3.3% or lower' CPI print to reach new ATH - Cointelegraph<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"