Bitcoin at Risk: Crypto Rating Firm Predicts Market Turbulence Ahead of CPI Release

As the US prepares to release key inflation data, Evai CEO Matthew Dixon warns of significant market volatility. With Bitcoin prices nearing historic highs, cryptocurrency traders and investors are bracing for potential major price swings. Read on to understand what Dixon’s insights mean for Bitcoin and the broader cryptocurrency market.

Cryptocurrency Market Panic Ahead of US CPI Release

Matthew Dixon recently highlighted the evident fear in the market, particularly for Bitcoin, on the X platform.

He noted that the Consumer Price Index, set to be released on June 12, could push BTC to new highs or further declines, continuing the recent adjustment phase. Dixon remains optimistic about the long-term outlook, expecting new highs soon.

Matthew Dixion Bitcoin Price Analysis

US CPI and Its Impact on Bitcoin

The CPI measures the average change in prices paid by urban consumers for a basket of goods and services. It is a key indicator of inflation. Higher-than-expected CPI readings can lead to interest rate hikes as central banks try to control inflation, which often affects various investment markets, including cryptocurrencies.

The median CPI forecast is 0.1%, with the year-over-year CPI forecast at 3.4%. The core CPI, excluding volatile food and energy prices, has a median forecast of 0.3% monthly and 3.5% yearly. These forecasts are slightly lower than last month’s data: CPI was 0.3%, year-over-year CPI was 3.4%, core CPI was 0.3%, and core CPI yearly was 3.6%.

Bitcoin Market Performance

Bitcoin is currently priced at $67,840.10, with a 30-day change rate of +11.2%. It is nearing its peak of $73,000. Since the Bitcoin halving in April, BTC has been highly volatile, attempting several times to break its all-time high.

Despite short-term uncertainty, Dixon believes that Bitcoin’s long-term outlook remains optimistic, with new highs on the horizon. The upcoming CPI data is crucial for understanding inflation trends and predicting Bitcoin’s market movement. Whether the data meets expectations or not, it could significantly impact BTC’s price.

Stay tuned to Coinpedia to see how these developments unfold and prepare for potential market changes! Follow us for more updates on Bitcoin and cryptocurrency trends!