Bitcoin price movements may “appear random,” but critical drivers such as inflation are what’s making it move, according to a crypto analyst.
Bitcoin (BTC) will need to see a slowdown in United States inflation when results are released next month before it can consider surpassing its all-time highs reached in March, according to a crypto analyst.
“If inflation prints 3.3% or lower, Bitcoin should make a new all-time high,” 10x Research head researcher Markus Thielen stated in a May 29 report ahead of the United States Bureau of Labor Statistics (BLS) releasing the Consumer Price Index (CPI) results on June 12.
This represents a 0.1 percentage point decrease from the previous CPI result, which came in at 3.4% on May 15. Thielen believes that in these two weeks before the May CPI results are released, spot Bitcoin exchange-traded funds (ETF) inflows will “remain strong” in anticipation.
