Bitcoin Tumbles With Worst CPI Inflation Report! Where BTC Price is Heading Next?

The post Bitcoin Tumbles With Worst CPI Inflation Report! Where BTC Price is Heading Next? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

On September 13, Bitcoin (BTC) quickly fell below $22,000 as US inflation data disappointed forecasts. After the Consumer Price Index (CPI) inflation for August came in at 8.3% year over year, BTC/USD quickly dropped $1,000. The overshoot indicated that inflation was not dropping at the anticipated rate despite the assumption that the most recent figure would be 8.1%.

With the last week’s price surge, the BTC price has entered a ‘sell-zone’ where the bears are just waiting to hammer the price down. At the moment, the BTC price is experiencing a tough brawl between the bulls & bears, and the bears could emerge mildly victorious soon enough. 

A well-known analyst, anonymously known as Crypto Capo, believes the price could slash back towards the buy zone, between $14,000- $16,000 over the next couple of weeks. 

The analysts have been constantly tracking the BTC price for more than 5 to 6 days, ever since the price rebounded from the lows below $20,000. The analyst had predicted the price rise then, which the asset has been following until now. As speculated by the analyst, the recent target of $22,500 was attained by the asset and hence, he hopes the price would reclaim the $23,000 level very soon too. 

Woefully, the BTC price is expected to undergo a massive rejection and plunge heavily to reach the bottom of around $15,000 in the first few days of Q4, 2022. On the bright side of things, the price would rebound finely after facing a slight obstacle at $19,000. 

On the whole, the day’s close could play a vital role in determining the upcoming trend of Bitcoin.