The latest predictions about Bitcoin's price have been hotly contested

DeFi analyst Adaora Favour Nwankwo tweeted that the direction of Bitcoin's price is closely tied to economic data, notably the much-anticipated Consumer Price Index (CPI) report due in the next few days.

Investors and analysts have been hotly debating the latest predictions about Bitcoin's price, with many scrambling from one organizer to another as the asset's price has been oscillating in the $78,000 to $82,000 range throughout March.

Investors and analysts have been hotly debating the latest predictions about Bitcoin's price, with many scrambling from one organizer to another as the asset's price has been oscillating in the $78,000 to $82,000 range throughout March.

Among them, DeFi analyst Adaora Favour Nwankwo weighed in on the direction of Bitcoin's price, tying it closely to economic data, notably the Consumer Price Index (CPI) report due in the next few days.

Among them, DeFi analyst Adaora Favour Nwankwo weighed in on the direction of Bitcoin's price, tying it closely to economic data, notably the Consumer Price Index (CPI) report due in the next few days.

According to her analysis, if the recession comes, Bitcoin will fall no lower than $50,000, but if it is an economic boom, the price floor will be from $70,000 to $75,000. However, if the CPI number comes lower than expected, it could put more pressure on the Fed to keep interest rates lower for longer, which could favor Bitcoin.

Their discussion was then taken further when Zhao Changpeng (CZ), founder of cryptocurrency exchange Binance, replied to Nwankwo's analysis, saying, "This applies only in the short term, I think."

His comment implies that, although Bitcoin might experience price hikes in a rush, its long-term trajectory is secured due to its role as a valuable asset, which is also evident in the sustained interest in cryptocurrency despite the recent turbulence in the banking sector.

Other analysts, such as Ali Martinez, have focused on Bitcoin's current technical setup. As reported by AZEqo, Ali noted that Bitcoin has fallen below its 200-day moving average, which many use to gauge trend reversals.

Still, he cautioned that the TD Sequential indicator indicates that the risk is level at 79820, and so holding over this could be key for any rebound.

Technical analyst Dave the Wave also weighed in on Bitcoin's recent performance, clarifying that the cryptocurrency's corrections are "business as usual" and not a reason to panic.

Instead of panicking over the recent price drops, he prescribes trusting technical analysis and not letting fear or greed dictate investment decisions.

Despite worries about possible drops, many crypto experts retain hope in Bitcoin's fate, as history suggests that following its dips, Bitcoin will usually follow a trend of new ATHs after consolidation.

For instance, within months after peaking at around $19,783 in December 2017, Bitcoin and the other top cryptocurrencies fell to their lowest points in value.

For instance, within months after peaking at around $19,783 in December 2017, Bitcoin and the other top cryptocurrencies fell to their lowest points in value.

Indeed, after a long period of consolidation, it broke through this previous ATH in December 2020 and reached around $19,850.

Afterward, the flagship cryptocurrency went on an impressive run, reaching a new all-time high (ATH) above $69,000 in November 2021.

This rally was fueled by a unique confluence of macroeconomic events, such as inflation and changes in monetary policy, which are likely to continue maintaining interest in Bitcoin as a hedge against fiat devaluation.