Title: Wall Street Experts Share Predictions on US Inflation Data and Its Impact on Bitcoin
Cryptocurrency enthusiasts are eagerly anticipating Bitcoin’s ability to surpass resistance levels and reach a new all-time high, while also keeping an eye on the upcoming US Consumer Price Index (CPI) data for potential clues.
The US is set to release CPI inflation data for May ahead of the Federal Reserve’s interest rate decision later in the evening. This data holds significant importance following last week’s unexpected surge in US employment figures, which dampened expectations of a rate cut by the Fed.
Major players on Wall Street, including JPMorgan, Bank of America, Goldman Sachs, and others, have shared their forecasts for the CPI, estimating it to be around 3.4%. Conversely, some institutions like BNP Paribas and Wells Fargo predict a slightly lower figure of 3.3%.
Market economists also anticipate the annual CPI to hover around 3.4%, similar to the previous month. While the monthly rate is expected to slow down slightly, the annual Core CPI is forecasted to decrease from 3.6% to 3.5%.
The overall sentiment from both Wall Street experts and economists points towards positive figures and a bullish outlook in the market. Speculation is rife that if the CPI aligns with market expectations, there may be an increased likelihood of an interest rate cut by the Fed in September, potentially driving up the price of Bitcoin.
Analysts have suggested that the recent dip in Bitcoin prices prior to the CPI and Fed decision presents a buying opportunity for investors, with expectations of a short-term rally. As Bitcoin gains momentum, it could also lead to a broader recovery in the cryptocurrency market.
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