#ETH

Crypto market participants are expecting no change in the upcoming US Consumer Price Index, but a lower print is possible and could trigger an uptick in Bitcoin’s price, says a crypto analyst. 

“There is a real possibility of a lower print, which could ignite another rally attempt,” 10x Research head of research Markus Thielen said in a Feb. 11 market report.

Bitcoin rally may emerge if CPI “surprises to the downside

Thielen said that most market participants expect a 2.9% year-on-year (YoY) inflation rate in the US Bureau of Statistics report set to be released on Feb. 12.

However, he said that the US Truflation Inflation Index — a real-time inflation tracker — has declined from 3.0% to 2.1%, which suggests that inflation pressures “may be easing faster than expected.”

“If CPI surprises to the downside at 2.7% or 2.8%, Bitcoin could see a relief rally,” he said.