CPI Data Triggers Bitcoin Slide to $58,900; 75% Drop Predicted
- Bitcoin droppd to $58,900, rflcting concrns ovr infltion nd mrkt slloff.
- Trdr Ptr Brndt highlights historicl trnds, signling risks of significnt dclins for Bitcoin.
- Spot Bitcoin ETFs rport outflows, indicting rducd institutionl intrst nd brish mrkt sntimnt.
Bitcoin (BTC) continus to fc hdwinds, dropping to thr-wk low of $58,900 rlir tody. This dclin follows th rls of unxpctdly high US Consumr Pric Indx (CPI) dt, which hs rignitd concrns ovr infltion nd triggrd brodr mrkt slloff. Although th pric hs sinc rcovrd slightly bov $60,500, lgndry trdr Ptr Brndts chilling prdiction of potntil 75% corrction looms lrg.
Market Analogies Raise Concerns for Bitcoins Future
Brndt, known for his stut mrkt obsrvtions, drw ttntion to historicl trnd tht hs som Bitcoin nthusists spookd. In post on pltform X, h highlightd th concpt of mrkt nlogs, spcificlly th tim frm sinc Bitcoins lst ll-tim high (ATH).
According to Brndt, whn BTC fild to mk nw ATH within 30 wks of its prvious pk, it historiclly xprincd significnt dclins xcding 75%. With BTC currntly mirroring this pttrn, th possibility of nothr mjor corrction cnnot b ignord.
This prdiction hs dividd th community. Som rgu tht Brndts pst forcsts, lik his 2023 pric prdiction, hvnt lwys mtrilizd. Brndt, howvr, countrs by diffrntiting btwn mrkt obsrvtions nd opinions. H mphsizs th importnc of considring historicl trnds, stting, Drivrs who cnnot turn thir hds in both dirctions lwys nd up in n ccidnt. Notbly, just two dys prior, Brndt prdictd tht th pric of cryptocurrncy could rch $135,000 within th nxt yr.
Waning Institutional Interest and Halving Year Jitters
Byond Brndts obsrvtion, th brodr mrkt sntimnt towrds BTC is currntly brish. Th highly nticiptd Uptobr rlly hs fild to mtriliz, nd spot Bitcoin ETFs hv witnssd thr conscutiv dys of outflows. This suggsts wning institutionl intrst, potntilly fuld by th rising US CPI figurs nd hottr-thn-xpctd infltion.
Furthrmor, th historicl corrltion btwn strong Bitcoin prformnc in hlving yrs lso sms to b fltring. Ki Young Ju, Foundr & CEO of CryptoQunt, notd, If thr is no #Bitcoin bull mrkt within th nxt 14 dys, this will mrk th longst sidwys in hlving yr in history.
Whil th nr-trm outlook pprs uncrtin, potntil silvr lining mrgs from Chin. Rports suggst tht th Chins govrnmnt is prpring $283 billion stimulus pckg by this wknd to stimult its conomy nd boost consumr confidnc. Anlysts r hopful tht this nnouncmnt, xpctd during brifing on Sturdy, could provid much-ndd shot in th rm for th mrkt.
Howvr, th impct of this stimulus on th cryptocurrncy rmins dbtbl. Th rcnt rlly in Chins stocks following wk-long holidy quickly lost momntum, rising qustions bout th ffctivnss of such msurs.
Profssor of Economics t INSEAD, Pushn Dutt, rgus tht th focus of th stimulus rthr thn th siz is crucil. H mphsizs th nd for multi-yr pln trgtd t housholds rthr thn rstrting th rl stt invstmnt-ld growth story.
Th short-trm impct of th stimulus pckg on Bitcoin could b mbiguous. Whil som bliv it might triggr rturn of liquidity to th crypto mrkt, othrs worry it might divrt rsourcs wy from crypto nd bck into Chins stocks.
Related Readings | XRP Drama Continues As Ripple Strikes Back With Cross Appeal
Read more: https://www.tronweekly.com/bitcoin-slide-to-58900-75-drop-predicted/
Text source: TronWeekly
