In the economic calendar of the week, it is said that more than one event may disturb the entire cryptocurrency market.
Cryptocurrency space can be uncomfortable
The economic calendar for the week is set as multiple events can disturb the entire crypto space. Bitcoin price, which fell below $ 22,000 a few days ago, cannot rise above the levels. However, the highly anticipated US CPI report is expected to be released shortly and will soon impact the entire crypto space.
The upcoming week is expected to be extremely important for the markets due to the Retail sales data and PPI and Jobless applications data on Wednesday and Thursday, after the fresh inflation rates on the next Tuesday. In addition, a significant proportion of S&P 500 companies, about 10%, will report earnings.
Just a tip towards the CPI event of tomorrow;
Take it slow.
Don't think you'll be making a ton of money trading the event.
Enough people think they can, that's why we get those massive wicks and that's why many get liquidated.
Zoom out, have no leverage exposure and wait.
— Michaël van de Poppe (@CryptoMichNL) February 13, 2023
Bitcoin price is facing significant selling pressure along with other altcoins, which may be affected by the approaching CPI rates. Rejections look similar to failed breakouts before. That’s why analyst Michael van de Poppe advises his 647.8K followers not to expect to make tons of profits by trading the event.
Significant fluctuation expected
Estimated CPI data is expected to be around 6.2% against December’s rates of around 6.5%. Therefore, a significant fluctuation is expected in the coming days as CPI rates are heading towards the bottom of the recovery, which peaked at 8.7% in July 2022. Therefore, a significant drop in BTC prices is expected after the announcement of the new rates, as a rate of more than 6.1% could trigger a good drop.
Also, if the CPI rate is below 6.1%, the markets may react positively and push the price above $22,000. However, if Bitcoin and other crypto prices continue to decline until the CPI data is released, then the data can be expected to be weak, which could push the BTC price higher. However, the markets have experienced a small rise each time before, so a similar effect is expected by the end of the week.
Investor warns of BTC collapse
Author of the bestselling ‘Rich Dad Poor Dad’ based on the Stansberry Research report,
Claiming that Tuesday, February 14, will turn into a real massacre in the financial markets, the headline alludes to the mafia action of the Al Capone gang in the late 1920s.
Like 94 years ago, this Valentine’s Day will also have actors, but this time it will be in the form of inflation data. So this February 14 will be the day when the latest US consumer price index is announced. As a token of inflation, the index will indicate the future direction of US Federal Reserve monetary policy and will directly affect the quotes of financial assets, and especially the riskiest ones, namely cryptocurrencies.
Kiyosaki expects the prices of all assets, including gold, silver and Bitcoin (BTC), to fall, but urges not to panic. However, the author says that the collapse of the markets will provide an opportunity to buy more accurate financial instruments in exchange for ‘fake’ dollars.
Analyst has set his target for this cryptocurrency
Crypto trader Michael van de Poppe tweeted his analysis for the crypto market leader Bitcoin (BTC) in a tweet yesterday. The tweet had a link to a Youtube video where the analyst shared target levels for BTC’s price following the SEC’s pressure to stake on centralized exchanges.
According to the trader, BTC’s daily chart shows that Bitcoin is currently in a correction period. However, he noted that this fix may be short-lived. Michael van de Poppe shared that the price of BTC reaching $21,000 would be a good entry for a long position. However, he warned that the possibility of the price of BTC falling to $19.7k still exists.
The trader also shared that he is bullish on the crypto market given that inflation rates may drop soon. In such a case, the price of BTC will enter a period of consolidation in the weeks before it recovers. The price of BTC has increased by 0.69% in the last 24 hours, according to cryptokoin.com data. But despite this, BTC’s price performance remained in the red for the week at -6,69%. As a result, the price of BTC is currently $21,646.
Looking at the daily chart for BTC, Bitcoin price is trading below the 9-day and 20-day EMA lines. A technical bearish flag can be triggered by the two EMA lines with the 9-day EMA looking to cross below the 20-day EMA line. In such a case, the price of BTC will likely drop to $21,000 before touching the $19.7k support.
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