crypto analyst Nicholas MertenThe Consumer Price Index (CPI) report, scheduled for release on Thursday, Bitcoin (BTC) He said it could have a significant impact on the price.
In a new video update, Merten explained to 513,000 YouTube subscribers that Bitcoin (BTC) is facing a “win or sink” moment this week.
The analyst stated that the latest CPI report caused the price of the leading crypto asset to drop by about 10% in one day.
“Both Bitcoin, and crypto and the stock market as a whole, are holding their relative lows in this bear market we are in. The question is whether the bulls can start to take charge with a positive surprise in the CPI or whether we are ready to drift lower.”
Koinfinans.com As reported by Merten, he thinks that the technical indicators are all bearish for Bitcoin (BTC) and there is probably another drop on the horizon.
“I cannot remain optimistic about this. This tells me that the market has a huge selling pressure. […] People are selling more than buying here.”
Merten said he does not expect the Fed to reverse its hawkish stance until inflation drops significantly and the job market looks much worse. This will indirectly affect the Bitcoin price negatively:
“The Federal Reserve needs to see that we’ve achieved two key things: They need to see inflation fall to a target of 2% per year, and that’s their key goal here.
Until that is met, the Federal Reserve is unlikely to turn around and on top of that, they will need to see a softening or weakening in the labor market, which essentially means we should see higher unemployment rates and lower amounts of job opportunities here.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.