Crypto enthusiasts are eagerly awaiting Bitcoin’s push past its resistance levels to reach a new all-time high, with all eyes on the upcoming US Consumer Price Index (CPI) data for potential clues.
The US is set to release CPI inflation data for May ahead of the Federal Reserve’s interest rate decision later today.
This data is particularly significant following last week’s unexpectedly strong US employment figures, which have tempered expectations for a Fed rate cut.
In light of this, major players on Wall Street have offered their insights on what to expect from the US inflation data.
According to reports from the Wall Street Journal, leading financial institutions such as JPMorgan, Bank of America, Goldman Sachs, and others are predicting a CPI of 3.4%, while BNP Paribas, TD Bank, and Wells Fargo anticipate a slight dip to 3.3%.
Market economists also foresee an annual CPI of 3.4%, with a monthly rate expected to slow to 0.1% from the previous 0.3%, and the annual Core CPI projected to decrease from 3.6% to 3.5%.
These forecasts from both financial giants and economists point towards positive figures and a bullish sentiment in the market.
While Wall Street experts are leaning towards a Fed rate cut in September, the outcome of the Fed’s decision tonight is likely to dictate whether these cuts will proceed as planned.
If the CPI aligns with market expectations, the likelihood of a rate cut in September may rise, potentially leading to a boost in Bitcoin prices.
Experts suggest that the recent dip in Bitcoin prices prior to the CPI and Fed decision could present an opportunity for investors to buy in at a lower price point, with expectations of a short-term rise in BTC value and a potential market recovery.
*This is not financial advice.
For access to over 300 cryptocurrencies, sign up with Binance exchange using this link for a 20% COMMISSION DISCOUNT!
Stay updated with exclusive news, analysis, and on-chain data by following our Telegram and Twitter accounts now!
