US CPI inflation data comes in at 2.3%, lower than expectations, leading crypto analyst Jelle predicts Bitcoin price to rise in ATH.
After the release of the US CPI inflation data, the price of Bitcoin has risen sharply. The latest data shows that inflation is cooling in the US, a development that bodes well for risk assets like $BTC .
In the same vein, crypto analyst Jelle has predicted that the flagship crypto may soon reach its all-time high (ATH).
Bitcoin price eyes ATH as US CPI inflation falls to 2.3%
In an X post, Jelle confirmed that Bitcoin price could reach its current ATH and soon reach a new price.
The analyst points to the latest US CPI inflation data as a reason for the bullish outlook for the leading crypto.
He remarked that the CPI is at its lowest level in just over four years and the economy is strong.
As such, he believes that now is the time for risk assets, including BTC, to enjoy further rallies.
In fact, data from the US Bureau of Labor Statistics showed that the CPI fell to 2.3% year-over-year, below market expectations of 2.4%. Inflation also fell to 0.3% month-on-month, below expectations for 0.3%.
The latest inflation data comes days after Jerome Powell and the Fed left interest rates unchanged following the May FOMC meeting. This data strengthens the case for a Fed rate cut as inflation cools.
However, traders are still betting against rate cuts at the June and July FOMC meetings and expect the first cut to come in September.
A rate cut is great for the price of Bitcoin, as it usually attracts more capital to the flagship crypto.
The next big move will follow the breakout.
In an X-post, crypto analyst Titan of Crypto said that the next move for BTC will follow the breakout.
For now, the analyst noted that the Fair Value Gap (FVG) is only acting as expected support for BTC. The accompanying chart shows that the FVG is just above the $100,000 level.
The analyst previously warned that Bitcoin could fall below $100,000 to revisit the tank, which is currently at $99,500.
Meanwhile, crypto analyst Rekt Capital has also predicted that BTC could soon reach new all-time highs.
The price of Bitcoin has followed a roadmap that he described in an earlier analysis.
The latest price action was a hold above the $97,000 to $99,000 range as support. With BTC breaking above these levels, the next step in the roadmap is to reach a new ATH for the flagship crypto.