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Bitcoin BTC

Is Bitcoin A 90% Surge Incoming? Analyst Sees Bottom As Inflation Data In Focus

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin prices are moving sideways when writing and are generally firm. Even though there are marks of strength, the world’s most valuable coin is still swimming against ferocious downstream currents and could risk plunging below $60,000 and May 2024 lows. 

Is The Bitcoin Bear Run Over? Prices Retest The 100-Day Moving Average

Though there are risks, one analyst on X is upbeat. In a post, the trader noted that prices have retested the 100-day moving average. Historically, whenever Bitcoin has dipped to or slightly below this level, it has marked a local bottom, followed by a significant upward rally. 

BTC retesting 100-day moving average | Source: Analyst on X
BTC retesting 100-day moving average | Source: Analyst on X

Looking at the daily chart, the analyst notes that the most recent instance occurred in January, where a price test of the 100-day moving average preceded a 90% surge.

Now that prices have once more retested this level, if history guides, it is likely that Bitcoin has found a local bottom, and a bullish outcome, last seen in January 2024, could be on the offing.  

Related Reading: China’s Digital Yuan: A Currency No One Wants To Use?

Though traders are hopeful, there is no guarantee that prices will surge as expected. As mentioned earlier, the coin remains under immense liquidation pressure, and sellers have been soaking in attempts for higher highs.

Bitcoin prices trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin prices trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

The daily chart shows local resistance and support are at $66,000 and $56,500, respectively. As prices move sideways, the trend direction established will largely depend on the breakout direction.

A conclusive close above $66,000, buoyed by rising participation, might surge BTC prices. However, whether it will spike by 90% or higher like in the past remains to be seen.

Inflation Data: A Catalyst For Bitcoin Growth?

With traders upbeat, this week promises to be pivotal, with inflation data taking center stage. On May 14, the United States Producer Price Index (PPI) will be released. A day later, on May 15, the public will know where the Consumer Price Index (CPI) reading stands. 

Related Reading: US State Rep. Mulls 5% Bitcoin ETF Investment In Rainy Day Fund

While economists anticipate a slight decrease in inflation compared to previous readings, volatility is expected. If inflation slows down in the United States, the greenback could weaken. Subsequently, Bitcoin may edge higher as investors seek alternatives to store value.

Inflation data versus Oil prices | Source: Analyst on X
Inflation data versus Oil prices | Source: Analyst on X

In a post, one analyst believes falling oil prices and a robust labor market point towards an overall softening of inflation in the United States. If this trend guides, it aligns well with the expectation of lower PPI and CPI readings this week; a net bullish for BTC.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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