The publication of the inflation rate in the United States yesterday suggests an imminent rise for the queen of cryptos. Bitcoin (BTC) seems to be heading inevitably towards $50,000.
Bitcoin (BTC) maintains an uptrend.
The US annual inflation rate turned out to be lower than forecast (3% instead of 3.1%). This macroeconomic data favors a rise in BTC, but it is struggling to break through the $31,000 mark in the long term.
Despite this, Titan of crypto, a crypto analyst followed by more than 38,800 followers, remains optimistic in its analysis on Twitter. While some are predicting further correction, this analyst is confident that “bitcoin (BTC) at $50,000 is inevitable.”
On the BTC monthly chart, it shows a recurring cyclical pattern since 2012. This is a breakout of the Tenkan (in red), followed by a rise to the last high of this indicator (in green).
With the rise seen at the start of the year, bitcoin (BTC) managed to cross the monthly Tenkan. Thus, according to this cycle, the rise should continue to $50,583, the level corresponding to the last high of the Tenkan.
All that’s missing is a catalyst.
It is important to remember that the sharp rise since June 15 came after a drop in the CPI in the United States. Then, demand for Bitcoin ETFs from Blackrock definitely triggered this bitcoin (BTC) price explosion. These two conditions are almost met now.
Indeed, the macroeconomic data (inflation rate) published yesterday is favorable to a rise in bitcoin (BTC). If Bitcoin ETFs are approved, a bullish recovery is imminent.
In this case, a buy position at $29,534 could be interesting. The closest target is at $35,000, but BTC could reach higher levels. Indeed, given the cycle identified by Titan of Crypto, bitcoin (BTC) at $50,500 is only a matter of time.
Admission: $29,619;
Stop: $29,000;
Goal 1: $35,000;
Goal 2: $50,500.
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