- Bitcoin’s price reacted sharply to the upcoming CPI report.
- Experts predict the CPI report could significantly impact crypto prices.
- Bitcoin’s recent dip has been met with both skepticism and optimism from analysts.
The United States awaits the release of the May 2024 Consumer Price Index (CPI) report, and blockchain analysis platform Santiment predicts Bitcoin (BTC) to react strongly.
In an X (formerly Twitter) post, Santiment stated that experts forecast a 3.4% year-over-year or 0.3% month-over-month increase for the US CPI, due on June 12th at 12:30 pm UTC.
The May 2024 Consumer Price Index (CPI) report is scheduled to be released tomorrow (June 12th) at 12:30pm UTC (11 hours from now). Current experts expect a 3.4% YoY or 0.3% MoM increase…If lower, it's a signal that inflation is slowing, increasing the likelihood of… pic.twitter.com/GDFWguyRbo
— Santiment (@santimentfeed) June 12, 2024
Santiment noted, “If actual numbers are lower than expected, it signals slowing inflation, likely boosting crypto prices. If numbers are higher, it signals persistent inflation concerns, likely causing crypto to drop.”
The post Bitcoin Price Takes a Tumble, But ‘Buy the Dip’ Calls Spike appeared first on Coin Edition.