Bitcoin (BTC) Price Eyes ATH As US CPI Inflation Drops To 2.3%

The Bitcoin price has received a massive boost following the release of the US CPI inflation data. The latest data shows that inflation in the US is cooling off

The price of Bitcoin (BTC) received a massive boost following the release of the US CPI inflation data. The latest data shows that inflation in the US is continuing to cool off, a development which is bullish for risk assets like BTC. In line with this, crypto analyst Jelle has predicted that the flagship crypto could soon reach its all-time high (ATH).

Jelle stated that the Bitcoin price could rally to its current ATH and hit a new one. The analyst added that the latest US CPI inflation data provides a strong basis for this prediction.

According to the US Bureau of Labor Statistics, CPI dropped to 2.3% year-on-year in June, falling to its lowest level in four years. This reading also came in lower than market expectations of 2.4%. In addition, inflation fell to 0.3% month-on-month, compared to economists’ predictions of 0.3%.

This latest inflation data comes just days after Jerome Powell and the Fed decided to keep interest rates unchanged following the May FOMC meeting. The new data further strengthens the case for a Fed rate cut with inflation cooling off. However, traders are still betting against a rate cut at the June and July FOMC meetings and expect the first cut to come in September. A rate cut is bullish for the Bitcoin price, as it usually attracts more capital into the flagship crypto.

Discussing the next major move for BTC, crypto analyst Titan of Crypto noted that it will follow the breakout. For now, the FVG is continuing to act as support for BTC just as expected. His accompanying chart showed that this FVG is just above the $100,000 level.

Earlier today, Titan of Crypto warned that Bitcoin could drop below $100,000 to revisit the Tenkan, which is currently at $99,500.

Moreover, crypto analyst Rekt Capital predicts that BTC could soon break out to new all-time highs. The Bitcoin price has followed a roadmap he outlined in an earlier analysis. The latest price action was the hold above the $97,000 to $99,000 range as support. With BTC holding well above these levels, the next step in the roadmap is for the flagship crypto to reach a new ATH.