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Bitcoin will likely drop to $107K before it reaches new record highs

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1710859744 ChatGPT Predicts Bitcoin BTC to Hit 250000 Post Halving
1710859744 ChatGPT Predicts Bitcoin BTC to Hit 250000 Post Halving

The following are key points.

  • Bitcoin will soon reach new highs. But first, there must be a corrective period.

  • BTC Price Targets include $107,000 with the six-figure bar still open.

  • US inflation data will influence market movements for the remainder of the week.

BitcoinBTCThe Wall Street Open on 10 June saw a drop in the price of, as traders profited from a rally that had surpassed $110,000.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Bitcoin’s all-time highest talk is back after $110,000 tapping

The Data of Cointelegraph Markets Pro The following are some examples of how to get started: TradingView BTC/USD was hovering around $108,500 at the time this article was written, down about 1.5% compared to the opening of the day.

Excitement over the potential progress in a trade deal The second day of the talks between the US, China and other countries has continued.

“Despite vague affirmations from US officials, with terms like “fruitful” and “good meeting” dominating the post-talks rhetoric, the absence of substantive breakthroughs saw global risk assets pause,” Trading firm QCP summarised in part its latest Telegram bulletin for channel subscribers.

Crypto commentators analyzed the recent market performance and agreed on a short consolidation period.

“The first period of consolidation typically lasts a few days. Then, we’re going to have the next breakout above the ATH,” trader, analyst and entrepreneur Michaël van de Poppe wrote Part of the latest analysis by X. 

“Ideal zone to buy? I would estimate around $107,000-$ 108,000.”

BTC/USD 1 hour chart with RSI. Source: Michaël Van de Poppe/X

Mark Cullen has also highlighted $107,000 in a dip area as part of the a “quick retrace and fast buy up” Bitcoin Next

Another scenario included a second test of support of $100,000, or a target of $98,000 in case of an even deeper correction.

“Key levels are 106K, then 98K for bullish continuation into the summer,” Cullen concluded.

BTC/USD 1-day chart. Source: Mark Cullen/X

Markets “remain in limbo” CPI before

QCP continued by noting the imminent release of a slew US macroeconomic reports, including Consumer Price Indexes (CPIs) for May and Producer Price Indexes (PPIs) on June 11, 12 and 13, respectively.

Related: Bitcoin Coinbase Premium hits 4-month high as 550K BTC leaves exchanges

“For now, markets remain in limbo,” I argued. 

“With US CPI data scheduled for release tomorrow, investors are treading cautiously. The risk is that continued diplomatic ambiguity morphs into a headwind for broader risk sentiment.”

You can also read about the advantages of using Cointelegraph reportedThese data provide some final US indicators of inflation before Federal Reserve members meet to discuss the interest rate on June 18th.

While US President Donald Trump may have pushed for a reduction in interest rates, the markets are not optimistic. repeatedly demanded That Fed actions be brought forth.

Results of an economists poll by Reuters Released on that same day, the statement reiterated previous expectations regarding a rate cut in Q3.

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.