Bitcoin Rallied After Inflation Data: Is the Target $116,000?
Bitcoin made a strong jump from the $107,000 level at the opening of Wall Street on June 12. This movement came after positive inflation data from the US. The US Producer Price Index (PPI) recorded its lowest increase since September 2024, falling below expectations. This led to a weakening of the US dollar and provided support for risky assets like Bitcoin.
Dollar Weakens, Bitcoin Strengthens
The slowdown in inflation has strengthened investors' expectations that the Federal Reserve (Fed) may start interest rate cuts sooner. This also increases the possibility of new liquidity entering the crypto market. The US dollar index (DXY) has fallen to its lowest levels since March 2022, confirming this trend.
While no change in interest rates is expected at the Fed's meeting on June 18, the markets have started to price in the possibility of an interest rate cut in September. However, the Fed maintains a hawkish policy stance for 2025.
Institutional Interest Continues
In a bulletin sent to investors, QCP Capital stated, "Macroeconomic conditions keep institutional investors' interest in digital assets alive. Despite sharp pullbacks, capital flow continues."
Technical Outlook and Targets
After experiencing a drop of about $4,000 in the last 24 hours, the Bitcoin price has recovered. Popular investors are highlighting short-term uncertainty in the market.
Daan Crypto Trades emphasized that determining the direction is critical, stating, "When one of the current monthly peaks or troughs breaks, I think the price will continue to move in that direction throughout June."
Investor James Wynn had predicted that the $107,000 level would be a bounce zone. On the other hand, the analyst known as Killa commented, "Bitcoin still maintains its bullish structure. The price is heading towards the demand zone in the $106–107K range. Protecting this zone is critical."
Killa also predicts that Bitcoin could reach a new all-time high of $116,000 by the end of June.
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