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Highlights
- Bitcoin price is recovering after the release of US CPI data.
- The data remained at 2.7%, lower than the 2.8% than the market expected.
- Despite the concerns, an analyst says BTC price might get to $141,000 due to a bull flag breakout.
Bitcoin price trades at $119,209 today, August 12, with a 1% decline. The price is showing signs of recovering after the US CPI data release. Because of this, an analyst notes that the price might surge to as high as $141,000 if BTC can break out of a bull flag.
Bitcoin Price in Focus After US CPI Data
BTC price is under the spotlight. Just yesterday, it clinched $122,000. The majority of forecasts given by analysts are leaning toward the bullish side. One of these is by Crypto Rand. he said that after some amazing momentum over the weekend, Bitcoin price will continue to push for more. That means that altcoins will have to remain on hold.
Besides sharing his belief, he also takes note of a bull flag. It appeared in the first half of the year. The distance from the bottom to the top is what determines how high it is going to rally. Going by this, one should expect an upsurge to $141,000.
While Crypto Rand says that this highlights a good opportunity, Gert Van Lagen is even more optimistic. His target is even higher at $370,000. He bases this on a step-like formation that mimics a staircase. In a recent X post, he says that going by this, BTC might get to $370,000. Such a high price is likely for a long-term Bitcoin price forecast for 2025 and beyond.
However, there is another side to Lagen’s theory, and this is the bearish one. He warns that there is still the possibility of the price falling to $94,000. This is the price at which he believes his theory of getting to $370,000 is going to be invalid.
Before getting to $94,000, there is the risk of getting to $115,000 in the near term. This outlook is shared by analyst Scient’s post that this fall will happen after rejection. He says the price will get rejected before it falls back to $115,000.
CPI Data Release May Spike Volatility
There is one major reason why BTC is seeing some volatile price movements. This is the release of CPI data. Because of tariffs, there was a consensus that the data was going to show that inflation had become a thorn in the flesh again, and this would affect the BTC price movements. However, this has not happened.
CoinGape has reported that the CPI data came in at 2.7%. This is notably below the 2.8% that the market was expecting. Because of this, Bitcoin might continue to move higher. This data also remained the same as the 2.7% announced last month.
To sum up, CPI data has alleviated jitters around inflation. Because of this, traders are still bullish that the price is going to rally and smash previous record highs. What this means is we might get to $147,000 just like some analysts expect.
Frequently Asked Questions (FAQs)
1. Why is Bitcoin price dropping today?
2. Can the BTC price rebound and create a new record high?
3. How will US CPI data affect BTC?
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