Oanda believes Bitcoin could rise if Wednesday’s CPI data shows that U.S. inflation eased in July.
Oanda analyst Craig Erlam said that weaker inflation data may be the catalyst for Bitcoin to break through $25,000 per coin, and once again target the range of $28,000 to $32,000 per coin, the price of Bitcoin has been on the rise since early summer Never traded in this range.
Given that core inflation is expected to rise, it will be difficult for the Fed to raise rates by less than 75 basis points without a slowdown in headline inflation.
DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.