Bitcoin price falls 2.18% to $118,652 on August 12 as the market awaits US CPI data, shaping forecasts for the next price move.
The bitcoin price is down 2.18% today, August 12, at $118,652. This decline occurs before the announcement of the US CPI statistics.
As a result, analysts are examining the future.
While some forecasters predict that Bitcoin may reach $94,000, others remain hopeful for a rise that might reach $141,000.
Focus On Bitcoin Price Before US CPI Data
The price of Bitcoin is in the news. It closed at $122,000 yesterday.
Now, though, the momentum is changing.
Traders are nervous since they do not know what will happen following CPI, as evidenced by the over $4,000 value loss in a single day.
Most analyst estimates are on the positive side of the spectrum. Crypto Rand is one of these.
He predicted that the price of Bitcoin would continue to rise after seeing some incredible momentum over the weekend.
Altcoins will therefore need to stay on hold.
In addition to expressing his beliefs, he also notices a warning sign.
The first half of the year saw its appearance.
How high it will rally depends on the distance between the bottom and the top.
Based on this, an increase of $141,000 is to be expected.
Despite Crypto Rand’s assertion that this indicates a favorable opportunity, Gert Van Lagen is even more upbeat.
At $370,000, his goal is even more ambitious.
He bases this on a formation resembling steps like a staircase.
According to a recent X post, Bitcoin might reach $370,000 if this continues.
A long-term Bitcoin price estimate for 2025 and beyond is expected to be high.
However, the bearish side of Lagen’s theory is an alternative viewpoint.
He cautions that a price drop to $94,000 is still a possibility.
He thinks his theory about reaching $370,000 will be proven false at this price.
It may reach $115,000 before reaching $94,000.
This fall will occur following rejection, according to the analyst’s report.
He claims that it will be rejected before the price drops back to $115,000.
Release Of CPI Data Could Increase Volatility
Many Bitcoin owners are apprehensive today for one main reason.
The release of CPI statistics is the cause of this.
There appears to be general agreement that the statistics will demonstrate that inflation has returned to being a problem due to tariffs, which will impact changes in the price of bitcoin.
According to MarketWatch statistics, the CPI is anticipated to reach 2.8%.
This will surpass the 2.7% that was declared last month.
Bitcoin may, nevertheless, hit an all-time high even if this occurs.
This is due to the possibility that the data is merely a fad and won’t affect the price long-term.
In conclusion, concerns about inflation are wreaking havoc.
However, this doesn’t alter the fact that the price of Bitcoin is still rising.
This implies that we may reach $147,000 as some analysts have predicted.
