Bitcoin Is Flying to $65,000! Thanks to Inflation?

May CPI, a breath of fresh air for Bitcoin

Bitcoin investors were eagerly awaiting the release of the US Consumer Price Index. And for good reason, these crucial inflation data would dictate the next decision of the Fed on rates.

Against all odds, the inflation figures delivered a reassuring trend. The “core” CPI thus fell to 3.8% year-on-year, its lowest level in 3 years. A huge relief for markets hoping to finally see the end of the destructive rate hike cycle! The celebration was immediate on Wall Street where the key indices soared to new heights.

Calling the peaks for BTC?

To ride this euphoric wave, Bitcoin didn’t waste a second! The famous crypto directly seized the opportunity to resume its wild ascent. In a matter of hours, $64,700 was already surpassed in a completely crazy bullish whirlwind.

For seasoned analysts, this price awakening is just beginning. With such CPI figures, the probability of a dovish Fed pivot strengthens rapidly. So much so that some are now betting on a rate cut as early as July, potentially a new upheaval for Bitcoin!

Galvanized by the latest CPI figures, Bitcoin awakens to flirt with new unexplored heights. And this is just the beginning according to experts, who see in this energy revival the beginnings of a new large-scale super bullish cycle! It’s euphoria time for the crypto market, the machine is back in full swing to attack new records. Get ready, Bitcoin’s comeback promises to be sudden and memorable!

Source : Cointribune EN / May 16, 2024