Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Coinpedia Fintech News on May 10, 2023, 01:46:06 PM
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Anticipated CPI Data Release Today Could Impact Bitcoin Price
Bitcoin's current value of $27,584 could experience volatility depending on the release of today's core inflation data. Analysts from JPMorgan have created several potential scenarios based on the outcome of the CPI report. If the anticipated decrease from 5.6% to 5.5% occurs, it could weaken the U.S. Dollar Index and potentially provide a boost to the cryptocurrency market.
Here are the possible scenarios and their estimated probabilities according to JPMorgan:
A CPI above 5.5% could result in Bitcoin dropping to $25,000, with a 4% probability.
A CPI range between 5.3% and 5.5% could cause Bitcoin's value to reach $26,500, with a 25% chance of occurring.
If the CPI falls between 5.0% and 5.2%, Bitcoin's price might increase to $28,500, with a 50% probability.
A CPI between 4.7% to 4.9% could push Bitcoin to reach $29,000, with a 20% chance.
Lastly, if the CPI is 4.5% or lower, Bitcoin could potentially surpass $30,000, but there is only a 1% chance of this happening.