Bitcoin and altcoins are falling in value due to record-high inflation, but traders still anticipate BTC to consolidate.
Global financial markets and cryptocurrency fell as the June 10 CPI data of 8.6 percent revealed that inflation is a chronic concern.
On June 10, global financial markets were heading lower after the Consumer Price Index (CPI) reported a scorching 8.6 percent year-over-year increase, the largest print since 1981.
The higher-than-expected CPI figure caused the $30,000 support to fail, and Bitcoin (BTC) fell to a daily low of $28,852 before dip buyers managed to push the price back over $29,000.
Here's what numerous market analysts are saying about the future of Bitcoin, given that there appears to be little reprieve from inflation and the Federal Reserve's determination to hike interest rates.
The strength of the dollar impacts significantly on risk assets.
The impact of the high CPI print on two financial market benchmarks, the dollar index (DXY) and the S&P 500 (SPX), was discussed by il Capo of Crypto, who uploaded the charts below, saying that "After CPI findings, #DXY continues its pump while #SPX continues free-falling."
According to market expert Kevin Svenson, the Fed's inability to control inflation would certainly result in tumultuous price activity over the coming year.
There is a chance that the price will fall below $28,000.
If BTC prices continue to fall, crypto trader and pseudonymous Twitter user Altcoin Sherpa believes trading below $28,000 is probable.
The total cryptocurrency market worth is currently $1.192 trillion, with Bitcoin dominating at 46.6 percent.
The author's thoughts and opinions are completely his or her own and do not necessarily reflect those of Cointelegraph.com.
Every investing and trading activity entails risk; thus, before making a choice, you should perform your own study.
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