Analyst Sounds Alarm as Bitcoin Surges Ahead of US Inflation Data! He Outlines Two Possible BTC Scenarios!
Bitcoin and altcoins are off to a positive start this week as an experienced analyst presents two potential outcomes for BTC.
This week is poised to be a crucial one for Bitcoin and altcoins as the US CPI and PPI data is set to be released.
With all eyes on US inflation data, BTC and altcoins are showing signs of growth at the beginning of the week.
Bitcoin Shows an Upward Trend Prior to US Inflation Data!
BTC has recently surged above $63,000, and this upward trajectory has also led to significant gains in altcoins.
Following a lackluster weekend, BTC is now starting the week on a positive note, with Toncoin (TON) and Shina Inu (SHIB) leading the charge in altcoin gains.
While the leading altcoin, Ethereum (ETH), has seen a 2% increase in the last 24 hours, TON has experienced a 7% increase, and SHIB has risen by 5.5%.
Bitcoin Faces a Crucial Decision!
As Bitcoin and altcoins kick off the week with a sudden surge, market participants anticipate that US inflation data will exert pressure on prices.
In light of this, seasoned analyst Ali Martinez suggests that Bitcoin is at a crossroads, highlighting the critical level of $64,290.
According to Martinez, in order for the upward momentum to continue, Bitcoin must successfully reclaim the $64,290 level as a support level. Failing to do so could result in a drop to $51,970.
“If Bitcoin can establish $64,290 as a support level, it has the potential to rally towards $76,610. However, if BTC fails to surpass $64,290, it may retest the support level at $51,970.”
As of now, Bitcoin is trading at $62,820.
If #Bitcoin manages to reclaim $64,290 as a support level, it is likely to surge towards $76,610. However, if it fails to surpass $64,290, $BTC could potentially retest the support at $51,970. pic.twitter.com/s4D1fTEU7k
— Ali (@ali_charts) May 12, 2024
*Please note that this article does not constitute investment advice.
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