Bitcoin Dips Below $95K Following January CPI Data Release
The January US Consumer Price Index (CPI) data indicates a 0.5% increase, surpassing the expected 0.3%. Year-over-year, CPI rose by 3%, exceeding the forecast of 2.9% and December's reading.
Core CPI also exceeded expectations with a 0.4% rise, compared to an anticipated 0.3% and December's 0.2%. These figures suggest persistent inflationary pressures, potentially impacting market dynamics and Federal Reserve policies.
In response to the inflation data, Bitcoin dropped below $95,000. Despite remaining rangebound since a brief surge past $108,000 post-election, analysts view this as a favorable accumulation zone for potential future growth.
Cathie Wood from ARK Invest predicts Bitcoin could reach $1.5 million by 2030. Key insights include:
- More than 74 public companies now hold Bitcoin, with total value increasing from $11 billion in 2023 to $55 billion in 2024.
- ARK Invest forecasts BTC to grow at a CAGR of 40% to reach $710,000 under base case assumptions.
- In a bear scenario, Bitcoin could hit $300,000; a bull case predicts $1.5 million with a CAGR of 58% over five years.
Short-term volatility, such as unfavorable CPI data, can impact portfolios. Investors may explore opportunities in upcoming crypto presales, which are less influenced by external conditions.
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