Back in May, the US Consumer Price Index (CPI) had a significant impact on the crypto industry. In addition to crypto markets, stocks and bonds also plummeted. As the world’s largest cryptocurrency, Bitcoin seemed to be feeling the pressure even before June’s CPI numbers were released. At the time of publication, BTC was trading at $19,780. In addition, the White House believes that the upcoming CPI number will be "highly exaggerated." In May, CPI surged 8.6%. Taking into account year-over-year calculations, this is the highest level in the United States since 1981.
When it comes to the crypto industry, Bitcoin’s fate is certainly uncertain. However, the community must be cautious about the volatility that is bound to hit the market. Amid all this, Bitcoin analysts and holders shared their predictions following the release of the CPI numbers.
They predict that above 8.6% is bearish and below 8.6% is bullish Bitcoin
— July 12, 2022
However, well-known crypto analyst Michaël van de Poppe believes that this time inflation may decline. He's not the only one who thinks so. Presumably, lower energy prices have eased inflation. While he noted that now is a good time to buy crypto considering its current value, he suggested it could head lower.
When will Bitcoin hit bottom?
Bitcoin has been struggling to find support at $20,000. While predictions about its bottom continue to circulate, the asset continues to exhibit volatility. Another analyst, The Moon, said this just after the CPI numbers were released, saying on Twitter that BTC could reach $13,000.
Bitcoin may drop to $13,000.
—July 13, 2022
