The Bitcoin price continues to trade sideways due to macroeconomic uncertainties, leaving investors undecided. Crypto analyst Michael van de Poppe suggests Bitcoin could drop to $48,000 if CPI inflation data turns negative. Currently above $56,000, it must first break the $60,000-$61,000 resistance to aim for its ATH of $73,000.
The CPI inflation data released on August 14 showed a 0.2% monthly increase, and a 2.9% annual rise, meeting expectations. Although not bullish or bearish, this indicates slowing inflation and keeps a potential interest rate cut on the table for September.
Despite the CPI data not being unfavorable, Van de Poppe still foresees Bitcoin possibly dropping to $48,000 due to its bearish price action. Analyst Alex Kuptsikevich also expects Bitcoin to fall by $5,000, putting $48,000 in sight if it breaches the $56,000 resistance. Altcoin Sherpa echoes this sentiment, predicting a drop to the $40,000 range if Bitcoin fails to surpass its current level.
Conversely, crypto analyst Mikybull Crypto predicts a strong rally for Bitcoin, linking its price movement to the global liquidity index, which recently broke a 2-year resistance. He believes Bitcoin could reach $95,000 and then $142,000 as it begins its wave five expansion.
As of now, Bitcoin trades around $58,400, down over 4% in the last 24 hours, according to CoinMarketCap.
