Bitcoin More Likely to Fall by $5K Than Rise by Same Amount: Analyst
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 13 2024
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Source: Yahoo Finance
Market Sentiment: The BTC market is currently experiencing seller dominance, with analysts predicting a potential short-term price drop of $5,000 from the current rate of around $58,500, as Bitcoin struggles to maintain gains above $60,000.
Impact of Economic Data: The upcoming U.S. consumer price index data could influence Bitcoin's price trajectory, especially if it indicates persistent inflation, which may hinder expectations for Federal Reserve rate cuts.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
