Bitcoin, Ethereum, Dogecoin Show Resilience Amid CPI Data: Analyst Says King Crypto Could Skyrocket 130%, To Reach Levels Above $70k This Year

Major cryptocurrencies experienced mixed trading on Thursday evening, displaying resilience in the face of Consumer Price Index (CPI) data.

Cryptocurrency	Gains +/-	Price (Recorded 9:30 p.m. EDT)
Bitcoin BTC/USD	-0.54%	$29,429
Ethereum ETH/USD	-0.24%	$1849
Dogecoin DOGE/USD	+0.44%	$0.075

What Happened: Crypto remains unaffected by the Consumer Price Index (CPI) figures, which showed a modest increase in line with economists’ expectations. In July, the CPI rose by 0.2%, with the Core CPI (excluding food and energy) also increasing by 0.2%. Year-over-year, the CPI rose by 3.2%, and the Core CPI increased by 4.7%. 

As a result, the likelihood of a Federal Reserve interest rate hike in September has decreased as part of their ongoing efforts to combat inflation.

Despite starting the year with a significant surge and almost doubling its price, BTC has struggled to maintain a consistent price above $30,000 in recent months. Since April, and especially since mid-June, bitcoin has experienced sudden reversals whenever it attempted to break above the $30,000 mark.

Top Gainer (24 Hour)

Cryptocurrency	Gains +/-	Price (Recorded 9:30 p.m. EDT)
XDC Network	+5.17%	$0.06682
Shiba Inu	+3.50%	$0.000009993
Thor Chain	+2.77%	$1.06

Currently, the global crypto market capitalization stands at $1.17 trillion, a 0.48% decrease in the last day.

Thursday saw a positive trend in US Stocks, driven by a Disney rally after earnings and a key inflation reading that showed slightly less year-over-year inflation growth than anticipated. The S&P 500 inched up by 0.03%, while the Nasdaq Composite experienced a 0.12% rise.

See More: Best Crypto Day Trading Strategies

Analyst Notes: Crypto analyst Michael Van De Poppe reports that CPI expectations fell slightly short of projections, with a recorded 3.2% as opposed to the anticipated 3.3%. Additionally, the core CPI came in at 4.7% instead of the expected 4.8%. 

"Unemployment claims also rallying to 248K. This means, no fear, but continuation. I’m buying," he said. 

BREAKING: CPI expectations 3.3%, reality is that we hit 3.2%.

Core CPI 4.7% instead of 4.8% expected.

Unemployment claims also rallying to 248K.

This means, no fear, but continuation.

I'm buying. #bitcoin

— Michaël van de Poppe (@CryptoMichNL) August 10, 2023

Pseudonymous analyst CredibleCrypto predicts that Bitcoin will soar to a price of over $70,000 this year. "$70,000+ this year, in case I wasn't clear before."

However, CredibleCrypto also acknowledges the possibility of Bitcoin trading within a certain range before the anticipated major rally takes place.

According to the pseudonymous analyst Bluntz, the decentralized oracle network Chainlink (LINK) is currently showing a bullish continuation pattern across all three pairs.

"Been struggling to find anything that looks decent for quite a while in this chop, but LINK is finally starting to look promising here with a potential bull flag breakout forming on not just USD pair but also its BTC and ETH cross pairs," Bluntz said.

Cryptocurrency Photo by Chinnapong on Shutterstock

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