Bitcoin Price Prediction: With CPI Data Set To Influence BTC, Experts Say Consider This Crypto Wallet ICO Flagging Red Hot Tokens

The Bitcoin price rose 1.8% in the last 24 hours to trade at $97,527 as of 02:42 a.m. EST on trading volume that plunged 35% to $48.3 billion.

This slight uptick in the BTC price comes as attention turns to the upcoming US inflation data, likely influencing the inflation trajectory and Fed rate cuts. Yesterday, the PPI data rose 3.3%, below economists’ expectations of a 3.5% increase.

Meanwhile, CPI is expected to show inflation ticking higher to 2.9%, further from the Fed’s 2% target. Hot inflation would dampen Fed rate-cut expectations, which could result in the Bitcoin price coming under pressure again.

Bitcoin Price Showing Signs Of A Bullish Rally

The BTC price Analysis on the daily chart shows an uptrend with clear consolidation near the $97,000 level. 

Price action has recently retreated from the $100,000 psychological resistance, forming a rectangular consolidation pattern, according to GeckoTerminal data. This indicates indecision in the market, with buyers and sellers battling for control.

The Bitcoin price has respected the 50-day Simple Moving Average (SMA) as dynamic support during the recent pullback. However, further declines may see the 200-day SMA at $73,899 as a more robust support zone.

Meanwhile, the Relative Strength Index (RSI) stands at 53.45, which is neutral but leaning slightly towards bullish territory. It indicates that the price of Bitcoin is in neither overbought nor oversold territory, giving room for movement in either direction. The recent RSI recovery from 40 suggests buyers are gaining strength.

The Moving Average Convergence Divergence (MACD) line is just above the signal line, with histogram bars turning positive, signaling bullish momentum.

Bitcoin Price Chart Analysis Source: GeckoTerminal
BTC/USD Chart Analysis Source: GeckoTerminal

BTC Price Prediction: Can Bitcoin Reach $110,000?

Based on the current chart setup, the Bitcoin price appears to be in a consolidation phase, with a potential breakout direction hinging on broader market sentiment. 

If buyers regain control and push the price of BTC above the $100,000 resistance, the next target could be $110,000, representing a continuation of the broader uptrend.

On the downside, failure to hold the 50-day SMA as support could lead to a test of the $90,000 support zone (pink line). A break below this could then send the Bitcoin price toward the 200-day SMA around $73,899, which would act as strong support.

In the meantime, investors are flocking to the Best Wallet (BEST) presale, which according to Crypto Gains, a popular YouTuber with over 144K subscribers, has the potential to deliver 10x returns.

Best Wallet Presale Raises Over $7.1 Million

Best Wallet is a non-custodial, no-KYC crypto wallet that already offers impressive capabilities, including advanced security Features and the Best DEX, which lets users buy, swap, and sell tokens across 60+ blockchains.

Among the many Features of Best Wallet, one stands out: the “Upcoming Tokens” section. This feature helps users discover promising projects that are still in the early stages.

The project’s success in identifying promising projects is clear. It already flagged Pepe Unchained (PEPU) and Catslap (SLAP), meme coins that delivered 500% and 3,000% gains, respectively, for early investors.

Investors can also stake BEST tokens for a huge 258% annual return. Currently, BEST tokens are priced at $0.0236. Those interested in joining investors who have pumped more than $7.1 million into the project should buy before a price hike in 14 hours.

Purchase BEST on its official website here before its price increases.

Related News:

  • 4 Things To Know About Wall Street Pepe Presale As FOMO Soars Ahead Of Tier-1 Exchange Listings
  • aixbt by Virtuals Price Skyrockets 41% As This New Pepe Derivative Raises Over $48.3 Million In Presale
  • Best Wallet’s $7.1 Million Presale Surge Highlights Its Potential as a Top Crypto Investment

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