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Bitcoin Traders Hope for Powell’s Pump, Aiming at $80K+

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Bitcoin Traders Hope for Powell's Pump, Aiming at $80K+

The price of Bitcoin increased by 3% on May 13 as traders anticipated potential price volatility due to upcoming U.S. macroeconomic data updates. On Coinbase, BTC reached a high of $63,269 shortly after the opening of the Wall Street market. This week, market participants are eagerly awaiting the release of U.S. inflation data, as it will help determine whether the Federal Reserve will adjust interest rates in 2024. The U.S. Producer Price Index (PPI) data is expected on May 14, followed by the Consumer Price Index (CPI) reading on May 15. Market analysts predict a 72% chance of rates remaining the same at the July Federal Open Market Committee (FOMC) meeting, but there is a possibility of rate cuts later in the year.

Tedtalksmacro, a popular analyst, stated that the inflation data is the main focus this week and expects volatility. He believes that this is the first time in a while that inflation data will slow down, which could be good news for risk assets like Bitcoin. Fellow analyst Seth shared a chart that showed the relative strength index (RSI) breaking above a descending trendline on the daily timeframe, indicating a potential positive direction for BTC’s price. This week’s CPI, Core CPI, PPI, and FED chair speech are expected to have an impact on Bitcoin’s price.

Bitcoin has been on a downward trend since reaching its all-time high of $73,835 on March 14. The price has been consistently declining, with lower highs and lows, and the RSI trending lower. The Coinbase Premium Index, which represents the percentage difference between the BTC/USDT pair on Binance and the BTC/USD pair on Coinbase Pro, has mirrored Bitcoin’s price action. An analyst at CryptoQuant suggests that this Index can be used as a “leading” indicator to predict Bitcoin’s future price. If the Coinbase Premium Index turns negative and reverses from a downward to an upward trend, it has historically indicated a rebound in Bitcoin’s price.

At the moment, the Coinbase Premium Index is currently positive but close to zero. If the historical pattern repeats itself, there may be a better chance of success if investors wait for the trend to turn negative before investing. Crypto trader Moustache is optimistic and believes that the current market moves will result in a sustained upside, similar to previous post-halving cycles. He advises that “weak hands” (easily panicked traders) need to exit the market before Bitcoin can rise towards $80,000. He emphasizes that while the structure of the market may be the same, the current price is different.

11 thoughts on “Bitcoin Traders Hope for Powell’s Pump, Aiming at $80K+

  1. I don’t buy into this whole “post-halving cycle” theory. It’s just wishful thinking.

  2. The market structure may be the same, but the current price of Bitcoin certainly adds an interesting twist. Let’s buckle up for the ride and see where it takes us! Exciting times ahead!

  3. I’m feeling optimistic about Bitcoin’s future and the possibility of a sustained upside. Let’s hope for a strong rebound soon! Fingers crossed for positive market moves!

  4. The downward trend in Bitcoin’s price since its all-time high has been disheartening, but I’m hopeful for a reversal soon! Let’s keep our fingers crossed for a positive turn of events!

  5. Weak hands may need to step aside and let the market do its thing before Bitcoin can reach new heights. Patience is key in this fast-paced world!

  6. I’m sick of all the hype around Bitcoin. It’s just a bubble waiting to burst.

  7. I don’t trust that Coinbase Premium Index as a reliable indicator. It seems too subjective to be taken seriously.

  8. I can’t believe people still fall for these empty promises of Bitcoin’s potential. It’s just a never-ending cycle of disappointment.

  9. Sorry, but I don’t buy into all this speculation about Bitcoin’s price. It’s just too volatile for my liking.

  10. I wish I had never gotten into Bitcoin. It’s been nothing but a rollercoaster ride of emotions.

  11. Another day, another Bitcoin price update. Can we talk about something else already?

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