While Bitcoin reached a new ATH in March, breaking its previous ATH of $69,000, it subsequently fell sharply.
While the selling pressure of long-term investors was effective in these declines, recent data indicating that the selling pressure in BTC has decreased has increased bullish expectations.
At this point, while investors are waiting for a new ATH from BTC in the short term, 10X Research founder Markus Thielen, who is very successful in his predictions, announced the events that will take Bitcoin to the new ATH.
Pointing out that June inflation data is important for Bitcoin, Thielen claimed that if CPI data is 3.3 percent or lower, BTC will reach a new ATH.
Stating that spot ETF inflows, apart from US inflation data, remain strong will have a positive impact on the price increase, Thielen said that he believes that spot Bitcoin ETF inflows will “remain strong” in these two weeks before the June CPI results are announced.
According to Thielen, if the CPI data is higher than expected, the upward momentum in Bitcoin may weaken.
“Bitcoin price movements may seem random to most people, but there are no random movements in BTC price. Everything depends on critical drivers and the main driver for BTC is inflation.
At this point, traders who know how Bitcoin reacts to CPI data should have confidence in trading in the opposite direction of the CPI change from the previous month.
“If inflation reaches 3.3 percent or lower in June, Bitcoin could hit an all-time high.”
*This is not investment advice.