Bitcoin Price Prediction as Bulls Keep BTC Above $27,000 Support – What is the Next BTC Target?
The Bitcoin market has recently shown notable resilience, with bulls successfully maintaining the price above the crucial $27,000 support level.
This development has sparked renewed curiosity and speculation among investors, traders, and analysts alike, leading to the inevitable question: What's the next price target for Bitcoin?
As we chart Bitcoin's current landscape and forecast its potential trajectory, this article aims to provide insights into the possible next steps for the world's largest cryptocurrency.
As revealed by the Bureau of Labour Statistics (BLS) on Wednesday, the US annual inflation rate, according to the Consumer Price Index (CPI), decelerated to 4.9% in April from 5.0% in March, falling short of economists' predictions of 5.0%.
In the immediate aftermath of the announcement, Bitcoin's (BTC) price experienced a surge of over 1%, slightly exceeding the $28,000 mark.
For the month of April, the CPI held steady at 0.4%, aligning with the consensus estimate and showing an increase from the 0.1% recorded in March.
In its latest meeting earlier in May, the Federal Open Market Committee (FOMC) of the United States Federal Reserve hinted at a potential pause in its historical cycle of rate increases.
The central bank has raised the benchmark fed funds rate from around 0% at the start of 2022 to its current target range of 5.0%-5.25%.
The Fed is closely monitoring the worsening conditions in the US banking sector, which have led to the failure of several institutions, most recently First Republic Bank, despite the rapid pace of rate hikes failing to bring inflation down to its 2% target.
Market participants are speculating that the marginal decrease in inflation observed this morning could prompt the Fed to relax
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