Summary
- It was stated that the US May CPI could serve as a catalyst for a rise in Bitcoin if it falls below expectations.
- The analyst said that Bitcoin is forming a golden cross, and if it holds the $100,000 mark, it could rise up to an additional 170%.
- The US May CPI is scheduled to be announced at 21:30 on the 11th, and Bitcoin is currently trading at $107,465.
There is a claim that the US May Consumer Price Index (CPI) could act as a catalyst for a rise in Bitcoin.
On the 9th (local time), Dr. Profit, a virtual asset (cryptocurrency) analyst, stated on X (formerly Twitter), "The US May CPI could be in the range of 52.1%~2.3%, falling short of the expected value (2.5%)," and added, "A positive CPI indicator could trigger a bullish momentum for Bitcoin."
He further explained, "Currently, Bitcoin is forming a golden cross," and added that "if it holds the $100,000 mark, it could increase by up to 170% further due to macro factors."
Meanwhile, the US May CPI is scheduled to be released at 21:30 (KST) on the 11th.
As of 8:24 p.m., based on the Binance USDT market, Bitcoin is trading at $107,465, up 1.79% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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