Crypto analyst Nicholas Merten says that the Consumer Price Index (CPI) report scheduled for release this Thursday could significantly impact the price of Bitcoin (BTC).
In a new video update, Merten tells his 513,000 YouTube subscribers that Bitcoin is facing a “make-or-break” moment this week.
The analyst notes that the last CPI report caused the price of the leading crypto asset to drop by nearly 10% in one day.
“The reason why this is such an important event is not only due to the fact that we’ve seen this event have major price moves for Bitcoin…
On top of that as well, both Bitcoin and crypto as a whole as well as the stock market are all resting near their relative lows for this bear market that we’ve been in and the question remains whether or not the bulls can start to take charge with a positive surprise on the CPI or if we’re ready to drag down towards lower levels.”
Merten says that technical indicators are all suggesting a bearish outlook for Bitcoin, with another leg down likely on the horizon.
“I cannot remain bullish on this. This tells me that the market has massive sell-side pressure either asks on the order book or essentially market order flow to the downside here. People are selling more than buying here, so until we get that kind of breakthrough here, I’m not looking for any trades up here in the moving averages or potential consideration than we bottomed yet.”
Merten says he doesn’t expect the Fed to reverse its hawkish stance until inflation is drastically lower and the job market looks much worse.
“This is still relative information here for the fed because the Federal Reserve needs to see us reach down to two key things: They need to see that inflation is getting down to a 2% annualized target and that is their key goal here.
Until that is met, the Federal Reserve is very unlikely to pivot and on top of that they are going to need to see softening or weakening in the labor market, like a weakening trend and this essentially means here that we need to see higher rates of unemployment and lower amounts of job openings.”
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