- A crypto analyst said a price correction is coming as inflation continues to grow in the US.
- The cryptocurrency market has increased by more than $100 billion in the last 24 hours.
- Cryptocurrency miners previously crashed the BTC price to $19K.
A recent tweet by prominent analyst, Michael Van de Poppe, indicates that inflation in the US is likely to continue, leading to a Bitcoin price correction ahead of the upcoming FOMC meeting. Pope added that while the Consumer Price Index (CPI) may be lower, some numbers suggest that inflation will continue for longer than expected.
The analyst further argued that the Producer Price Index (PPI) report expected to be released today will confirm the trend, leading to a shift in market sentiment towards a potential rate hike of 25 or 50 basis points.
Inflation will continue, the CPI is lower, but some numbers suggest we’ll be in for longer. Today’s PPI should produce the same answer, so sentiment is likely to flip towards 25bps / 50bps again. #Bitcoin to correct even FOMC, post relief rally.
– Michelle van de Poppe (@CryptoMichNL) March 15, 2023
In a recent poll, cryptocurrency lawyer John Deaton asked the crypto community what they think the RBI will do after the crisis in the banking sector and several banking operations. While 44% of the respondents bet on the pause, many respondents believe that there will be a rise in interest rates.
What will the Fed do next?
— John E. Deaton (@JohnEDeaton1) March 14, 2023
Due to the turmoil in the US banking industry after the failure of three prominent banks, the cryptocurrency market has increased in size by more than $100 billion in the past 24 hours, according to CoinMarketCap data. Bitcoin (BTC) touched a nine-month high of $26,500 on Tuesday after falling below $19,000 in the previous week.
Leading data analytics firm CryptoQuant blamed miners for last week’s sudden crash, saying they had reduced their reserves, adding pressure on Bitcoin. (ETH), a major competitor to BTC, also lost significant value, dropping to around $1,370. However, ETH has also recovered from the crash, as it is currently trading at $1,679.
Bitcoin Price Correction Expected After FOMC Meeting: Analyst Appears First on Coin Issuance.