Analysts Warn of Potential Bitcoin Pullback Ahead of CPI Release
Bitcoin (BTC) has recently seen a pullback, dropping to $87,500 at the time of writing, after touching a high of a little over $90,000.
This dip comes after a bullish streak spurred by positive market sentiment and the U.S. election results, but analysts now anticipate a correction ahead of the November 13 Consumer Price Index (CPI) report.
Market analysts warn that this influx of crypto investment could hint at a short-term pullback, with CPI data potentially adding to downward pressure.
Michaël van de Poppe, founder of MNConsultancy, predicts Bitcoin may retrace about 10% before the CPI release.
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Here’s Why Bitcoin Could Easily Surpass $100,000 in the Coming MonthsHe expects the price could drop to the 38.2% Fibonacci level, possibly reaching between $75,669 and $81,193, with support around $66,729 and liquidity at $64,130. Van de Poppe views this correction as a healthy pause before Bitcoin’s continued rally.
#Bitcoin is up to $90,000 and I think we’re about to get started with the markets.
The sweet spot is having a 10% correction towards the CME gap before we continue.
I’m slightly bearish going into CPI tomorrow. pic.twitter.com/dfpUc2df1k
— Michaël van de Poppe (@CryptoMichNL) November 12, 2024
Binance co-founder Changpeng Zhao (CZ) also highlighted the possibility of volatility near Bitcoin’s all-time highs last week.
Bitcoin’s technical indicators suggest overbought conditions. Trading above its upper Bollinger Band and with an RSI of 75.20 (above the typical 70 threshold for overbought status), the asset may face downward pressure soon.n.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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