Crucial day for the Bitcoin price

The popular Dutch analyst Michaël van de Poppe states that today is a crucial day for the Bitcoin price. Yesterday, Bitcoin was rejected at around $29,700, which is why today is an important day for the digital currency. The PCE Index, an important inflation indicator for the United States, also arrives today.

“If the numbers are right, we’ll blow through $30,000, but to get that done I wouldn’t be surprised if we had to go down first.” thus From Poppe.

What does Van de Poppe expect?

For now, the analyst seems extremely optimistic about the data regarding the US economy. US gross domestic product (GDP) has come in much better than expected. “GDP is much better than expected. That is amazing. The ‘soft landing’ seems to be manifesting itself. If GDP was worse than expected, markets would have fallen.

Bitcoin remains stable and stocks are stable. Now the PCE Index should come in even better than expected and then we will go up,” said the analyst.

Van de Poppe still expects Bitcoin to take a step back before we can go up again. “Open interest is climbing to new highs, price is slowly moving up, it looks like we are getting a pendulum down before going up. If that is not the case? Then we immediately break the $ 29,700 and the party starts ”, Van de Poppe continues.

Bitcoin price is stagnant

For now, it’s a boring Friday for Bitcoin. At the time of writing, the price is trading at $29,260 and Bitcoin is down a small 0.44 percent for today. In that respect, it has certainly not yet succeeded in breaking the $29,700 barrier that Van de Poppe is looking at.

So it seems to be waiting for the PCE Price Index, which is scheduled for 20:30 Dutch time. In that respect, it will be a late party if the figures come in positive, as Van de Poppe seems to predict.

On the other hand, it is dangerous to put so much weight on one macroeconomic data point. The Bitcoin price depends on numerous factors and it is difficult to predict increases or decreases based on one inflation meter, even if it is the inflation meter that the Federal Reserve focuses on.

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