BitcoinLong
Bitcoin Breaks $95K Pivot: What’s Next After US Inflation Data?
Bitcoin (BTC) surged past the crucial $95,000 level following the release of US PCE inflation data, which came in at 2.3% YoY—right on target. This event, combined with strong technical signals and institutional interest, paints a compellingly bullish outlook for BTC.
Inflation and Institutional Moves
The US Personal Consumption Expenditures (PCE) data revealed steady inflation at 2.3%, aligning with expectations. Core PCE, which excludes volatile food and energy prices, showed a 2.8% YoY increase. This steady inflation reading suggests potential stabilization in interest rates, a scenario historically favorable for Bitcoin as investors seek hedges against inflation and currency devaluation.
Additionally, the global landscape for institutional investments in Bitcoin is heating up. Chinese publicly-listed firm SOS recently announced a $50 million investment in BTC, viewing it as a long-term store of value and predicting a 100K milestone. This strategic move signals growing confidence among institutional players, which could drive further price momentum.
Technical Analysis
Bitcoin’s current price action supports the bullish narrative. Here’s why:
1. Bullish Engulfing Pattern:BTC is trading around $95,900, having formed a strong bullish engulfing candle. This pattern often signals a trend reversal or continuation, indicating potential for further gains.
2. Golden Cross Formation: BTC’s chart shows a “Golden Cross,” where the 50-day moving average (MA) crosses above the 200-day MA. Historically, this pattern has preceded major bull runs, suggestingBTC could reach 150K by the end of the year or shortly after.
3. RSI at 67: The Relative Strength Index (RSI) remains in neutral territory—not overbought nor oversold—providing room for further upward movement. This gives traders and investors confidence to enter or hold positions.
Since May 2024, Bitcoin was trapped in a falling wedge pattern. It recently broke through this structure at the intersection of the 50-day and 200-day MAs.
Outlook: Targeting 150K?
With strong fundamentals—rising institutional adoption and favorable inflation data—combined with powerful technical indicators like the Golden Cross and bullish engulfing patterns, Bitcoin appears poised for a substantial rally. We predict BTC could hit 150K by Christmas or early 2025.
Investors should watch key levels: maintaining support above 95K will be crucial, with near-term resistance at 100K. IfBTC sustains momentum, a breakout above this psychological barrier could trigger a parabolic move.
Final Thoughts
As Bitcoin’s narrative strengthens with macroeconomic and technical factors aligned, now may be an opportune moment for investors. Stay tuned—2024 might end with Bitcoin rewriting crypto history.
BTC) surged past the crucial $95,000 level following the release of US PCE inflation data, which came in at 2.3% YoY—right on target. This event, combined with strong technical signals and institutional interest, paints a compellingly bullish outlook for BTC.Inflation and Institutional Moves
The US Personal Consumption Expenditures (PCE) data revealed steady inflation at 2.3%, aligning with expectations. Core PCE, which excludes volatile food and energy prices, showed a 2.8% YoY increase. This steady inflation reading suggests potential stabilization in interest rates, a scenario historically favorable for Bitcoin as investors seek hedges against inflation and currency devaluation.
Additionally, the global landscape for institutional investments in Bitcoin is heating up. Chinese publicly-listed firm SOS recently announced a $50 million investment in BTC, viewing it as a long-term store of value and predicting a 100K milestone. This strategic move signals growing confidence among institutional players, which could drive further price momentum.
Technical Analysis
Bitcoin’s current price action supports the bullish narrative. Here’s why:
1. Bullish Engulfing Pattern:
BTC is trading around $95,900, having formed a strong bullish engulfing candle. This pattern often signals a trend reversal or continuation, indicating potential for further gains.2. Golden Cross Formation: BTC’s chart shows a “Golden Cross,” where the 50-day moving average (MA) crosses above the 200-day MA. Historically, this pattern has preceded major bull runs, suggesting
BTC could reach 150K by the end of the year or shortly after.3. RSI at 67: The Relative Strength Index (RSI) remains in neutral territory—not overbought nor oversold—providing room for further upward movement. This gives traders and investors confidence to enter or hold positions.
Since May 2024, Bitcoin was trapped in a falling wedge pattern. It recently broke through this structure at the intersection of the 50-day and 200-day MAs.
Outlook: Targeting 150K?
With strong fundamentals—rising institutional adoption and favorable inflation data—combined with powerful technical indicators like the Golden Cross and bullish engulfing patterns, Bitcoin appears poised for a substantial rally. We predict BTC could hit 150K by Christmas or early 2025.
Investors should watch key levels: maintaining support above 95K will be crucial, with near-term resistance at 100K. If
BTC sustains momentum, a breakout above this psychological barrier could trigger a parabolic move.Final Thoughts
As Bitcoin’s narrative strengthens with macroeconomic and technical factors aligned, now may be an opportune moment for investors. Stay tuned—2024 might end with Bitcoin rewriting crypto history.
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