Ethereum (ETH), Cardano (ADA), XRP prices are little-changed
The prices of Ethereum (ETH), Cardano (ADA), and XRP have remained relatively stable. There have been no significant changes in their values recently.
U.S. inflation above expectations
The recent U.S. inflation rate has exceeded expectations. This increase is primarily due to rising oil prices, which reached a new high in August and have continued to rise in September.
When excluding food and energy costs, the core Consumer Price Index (CPI) for August fell to 4.3% from 4.7% in July, aligning with predictions.
What’s next for BTC’s price
Bitcoin experienced a significant decline about a month ago, dropping from around $29,000 to below $26,000 within a few hours. Since then, it has attempted to break out of the $26,000 range but has struggled to do so consistently.
The “sell the rip and buy the dip” strategy has become prevalent among traders in recent months, making it difficult for economic news to impact Bitcoin’s price dynamics. While some hope for interest rate cuts by the U.S. Federal Reserve, the economy is still growing and inflation remains above the target of 2% set by the central bank.
Despite Bitcoin’s stability at current price levels, analysts have highlighted a deteriorating technical outlook for the cryptocurrency. Some believe it could trade between $20,000 and $30,000 until the halving event next April.
QCP Capital expects a potential decline in Bitcoin’s price due to negative news such as a more hawkish Federal Reserve meeting, FTX asset sales, and Mt Gox fund repayment. However, they remain bullish for the long term.
Hot Take: Bitcoin’s Technical Outlook and Potential Bottom
Bitcoin’s technical indicators are showing signs of weakness, with the price hovering around the $26,000 support level. However, it is uncertain whether this level will hold as strong support. Some analysts predict that Bitcoin could trade between $20,000 and $30,000 until the halving event in April next year.
QCP Capital anticipates a potential final decline in Bitcoin’s price, expecting it to reach lows of around $23,000. They believe that the true bottom will come in mid-late October after a cycle of negative news has run its course. Despite short-term challenges, they maintain a bullish outlook for Bitcoin in the long run, particularly towards the end of this year and the first quarter of next year.
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