Bitcoin Price Prediction: BTC Holds Steady at $30,500 as Market Anticipates June Inflation Data Release
The price of Bitcoin is currently trading at $30,628, reflecting a nearly 0.50% increase on Wednesday.
As the market awaits the release of June inflation data, the cryptocurrency market remains on "standby" to assess the potential impact on Bitcoin's performance.
Notably, five Bitcoin ETFs have been re-filed by Cboe, incorporating Coinbase surveillance agreements, adding to the growing interest and potential developments in the cryptocurrency market.
US inflation is projected to decrease to its lowest level in over two years in June, but persistent price gains for "core" products and services suggest that the Federal Reserve is likely to proceed with raising interest rates.
Economists anticipate the consumer price index to moderate to 3.1%, the slowest rate since March 2021.
This could lead to increased expectations of the Federal Reserve's tightening monetary policy, which may impact Bitcoin's performance as investors assess potential changes in interest rates and inflationary pressures.
Ether Chen, the head financial engineer at Bybit, believes that the market is seeking indications of price growth for BTC after a slowdown or cessation of rate increases in the latter half of the year.
Chen anticipates a potential rebound in the market price in the fourth quarter, although a full-fledged bull market may not materialize until 2024.
This scenario would require a halt in rate increases, a significant correction in BTC, and a resolution of regulatory uncertainties.
Despite these expectations, Bitcoin has maintained a steady position at around $30,000, showcasing a remarkable 100% increase since the start of the year.
Notably, Bitcoin has demonstrated resilience in bearish market conditions, suggesting that seasoned traders may
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