{"id":602560,"date":"2024-04-10T23:00:38","date_gmt":"2024-04-10T23:00:38","guid":{"rendered":"https:\/\/uniquehot.com\/?p=602560"},"modified":"2024-06-11T08:15:29","modified_gmt":"2024-06-11T08:15:29","slug":"bitcoin-tumbles-hot-cpi-data-analyst-ultra-bullish","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-tumbles-hot-cpi-data-analyst-ultra-bullish\/","title":{"rendered":"Bitcoin Tumbles on Hot CPI Data, But This Analyst Stays Ultra Bullish: Here&#8217;s Why"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">The better-than-expected United States Consumer Price Index (CPI) released on April 10 is already sending shock waves through the financial market. Bitcoin and most crypto assets are trading lower, extending losses recorded on April 9, weighing negatively against optimists.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">United States CPI Data Came In Hot<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">According to Trading Economics <a href=\"https:\/\/tradingeconomics.com\/united-states\/inflation-cpi\" target=\"_blank\" rel=\"noopener nofollow\">data<\/a> on April 10, CPI, a key economic metric for gauging inflation, rose 0.4% in March, pushing the annual inflation rate to 3.5%. Notably, this surpassed economist predictions and, most importantly, dashed hopes for the United States Federal Reserve (Fed) to slash rates aggressively this year.<\/span><\/p>\n<figure id=\"attachment_602562\" aria-describedby=\"caption-attachment-602562\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-602562\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/US_Inflation_Rate_0e56fb.png?resize=1024%2C700\" alt=\"United States CPI data | Source: Trading Economics\" width=\"1024\" height=\"700\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/US_Inflation_Rate_0e56fb.png?w=1200 1200w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/US_Inflation_Rate_0e56fb.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/US_Inflation_Rate_0e56fb.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/US_Inflation_Rate_0e56fb.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/US_Inflation_Rate_0e56fb.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/US_Inflation_Rate_0e56fb.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-602562\" class=\"wp-caption-text\">United States CPI data | Source: Trading Economics<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">However, amidst the market jitters, Matt Hougan, the CIO of Bitwise Asset Management, offered a contrarian perspective as fear permeated the Bitcoin and crypto market. In a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/Matt_Hougan\/status\/84295139\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">post<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on X, Hougan downplayed the influence of the CPI data on Bitcoin&#8217;s long-term trajectory.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/xrp\/xrp-heading-to-100-500-analyst-provides-speculated-timeframes\/\" target=\"_blank\" rel=\"noopener \">XRP Heading To $100-$500? Analyst Provides Speculated Timeframes<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The executive argues that investors and traders should track other market factors like spot Bitcoin exchange-traded fund (ETF) inflows and rising government deficits. In Hougan&#8217;s assessment, these can strongly influence price, even lifting Bitcoin higher since they are currently aligned.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Time To Buy The Bitcoin Dip?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">As such, even with the fall in BTC, the drop could offer potential buying opportunities for long-term holders. Some supporters believe the &#8220;hot&#8221; CPI data only exposes the vulnerabilities of fiat currencies. This would potentially drive investors to use Bitcoin as a hedge.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Moreover, this upbeat sentiment is backed by solid demand for gold, a store of value asset preferred by traditional finance investors. Analysts anticipate Bitcoin will follow a similar path as investors seek to protect value amid rising inflation.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Further bolstering the bullish sentiment is the possibility of a spot Bitcoin ETF\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.reuters.com\/business\/finance\/hong-kong-set-approve-its-first-spot-bitcoin-etfs-april-sources-say-2024-04-10\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">launch<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in Hong Kong before the end of April.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Hong Kong Securities and Futures Commission (SFC) has been assessing various applications. Leading Chinese asset managers have submitted some. If the product is approved, it could further channel more capital to BTC, boosting inflows from the <a href=\"https:\/\/uniquehot.com\/news\/will-the-united-states-federal-reserve-bail-out-silicon-valley-bank\/\" target=\"_blank\" rel=\"noopener \">United States<\/a>.<\/span><\/p>\n<figure style=\"width: 1787px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/f2VbIDme\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/f2VbIDme\/\" alt=\"Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView\" width=\"1787\" height=\"904\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price trending sideways on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/f2VbIDme\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">When writing, BTC is steady but under pressure. April 9&#8217;s losses have been confirmed. The coin might track lower if bulls fail to push prices above all-time highs of around $74,000.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-halving-no-longer-driving\/\" target=\"_blank\" rel=\"noopener \">Analyst Says Bitcoin Halving Influence Is No Longer Driving Price, Here\u2019s What Is<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Bitcoin remains in a broader bullish formation, technically moving inside a rising wedge. This bullish outlook will only be invalidated if prices tank below $61,500 in the sessions ahead.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The better-than-expected United States Consumer Price Index (CPI) released on April 10 is already sending shock waves through the financial market. Bitcoin and most crypto assets are trading lower, extending losses recorded on April 9, weighing negatively against optimists. United States CPI Data Came In Hot According to Trading Economics data on April 10, CPI, a key economic metric for gauging inflation, rose 0.4% in March, pushing the annual inflation rate to 3.5%. Notably, this surpassed economist predictions and, most importantly, dashed hopes for the United States Federal Reserve (Fed) to slash rates aggressively this year. However, amidst the market jitters, Matt Hougan, the CIO of Bitwise Asset Management, offered a contrarian perspective as fear permeated the Bitcoin and crypto market. In a\u00a0post\u00a0on X, Hougan downplayed the influence of the CPI data on Bitcoin&#8217;s long-term trajectory.\u00a0 Related Reading: XRP Heading To $100-$500? Analyst Provides Speculated Timeframes The executive argues that investors and traders should track other market factors like spot Bitcoin exchange-traded fund (ETF) inflows and rising government deficits. In Hougan&#8217;s assessment, these can strongly influence price, even lifting Bitcoin higher since they are currently aligned. Time To Buy The Bitcoin Dip? As such, even with the fall in BTC, the drop could offer potential buying opportunities for long-term holders. Some supporters believe the &#8220;hot&#8221; CPI data only exposes the vulnerabilities of fiat currencies. This would potentially drive investors to use Bitcoin as a hedge.\u00a0 Moreover, this upbeat sentiment is backed by solid demand for gold, a store of value asset preferred by traditional finance investors. Analysts anticipate Bitcoin will follow a similar path as investors seek to protect value amid rising inflation. Further bolstering the bullish sentiment is the possibility of a spot Bitcoin ETF\u00a0launch\u00a0in Hong Kong before the end of April. The Hong Kong Securities and Futures Commission (SFC) has been assessing various applications. Leading Chinese asset managers have submitted some. If the product is approved, it could further channel more capital to BTC, boosting inflows from the United States. When writing, BTC is steady but under pressure. April 9&#8217;s losses have been confirmed. The coin might track lower if bulls fail to push prices above all-time highs of around $74,000. Related Reading: Analyst Says Bitcoin Halving Influence Is No Longer Driving Price, Here\u2019s What Is Bitcoin remains in a broader bullish formation, technically moving inside a rising wedge. This bullish outlook will only be invalidated if prices tank below $61,500 in the sessions ahead. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":601524,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1122,78790,89583,92051],"class_list":["post-602560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt","tag-spot-bitcoin-etfs","tag-united-states-cpi"],"acf":[],"yoast_head":"\n<title>Bitcoin Tumbles on Hot CPI Data, But This Analyst Stays Ultra Bullish: Here&#039;s Why<\/title>\n<meta name=\"description\" content=\"Bitcoin is under pressure after &quot;hot&quot; CPI data release. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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