While Bitcoin and other cryptocurrencies are trying to recover, all eyes are on the June consumer price index (CPI) data which is scheduled to be published on July 13. Investors and traders are keen to see how it will affect the price movements of the king crypto.
Michael van de Poppe, a crypto trading expert, is one such investor who is eager to see how the situation plays out. Initially, he had claimed that Bitcoin’s $21,900 is the crucial level to watch. Now, the trader believes that if the asset surpasses $22,300, there are not many obstacles ahead. He says that BTC will have a clean move towards $27,200 if that happens.
The crypto strategist believes that the June CPI, or inflation data report, is set to affect the flagship currency in a significant way. As per his predictions, everyone in the crypto space is bracing themselves as they are not anticipating the report to be positive.
A Positive CPI Report?
However, he foresees that the CPI report may not be as bad as people expect.
Further, he predicts that Bitcoin must hang between $20,000 and $20,900 to see an upward trend. On the contrary, if the king currency loses this level due to the negative CPI report, he expects Bitcoin to drop to $19,000 or $19,400 and slowly move downwards.
Bitcoin Price At $10k Or $30k?
Meanwhile, as per a survey, most Wall Street investors believe that Bitcoin will see a drop in the future and expect the currency to bottom at $10,000. The other 40% of the investors believe Bitcoin’s price to reach $30,000.
At the moment, Bitcoin is changing hands at $20,560, with a drop of 3.04% in the last 24hrs.