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Higher CPI should boost more than just gold prices

Higher CPI should boost more than just gold prices

Bitcoin futures hit new all-time highs after hitting $61,000 in the spot market this weekend. BTC futures hit a high of $62,000 before backing off slightly. As of 4 PM, EST BTC is trading at approximately $60,500. This marks the first close above $60,000 for Bitcoin futures , and I believe we will see $65,000 by week's end.
The consumer price index is set to be released tomorrow at 8:30 EST, and the expectations are mixed, but it would make complete sense if it continued to climb. January 2021, the U.S. CPI was at 262.231. February was the last month to be released, and it hit an all-time high in the index of 263.161. With the March numbers set to be released tomorrow, we could see a BTC price spike if it continues its current trend higher.
Usually, a higher CPI rate was good for gold , and it still is; however, I believe we will see more capital move into Bitcoin than into gold on inflationary fears. So, a spike in the Consumer Price Index tomorrow could quickly catapult Bitcoin futures towards $65,000.
As ETH follows moves in Bitcoin , expect a rise in Ether also, so traders who took our call last week to buy should remain long with stops at $1,900.Higher CPI should boost more than just gold prices
Part:2
“BTC is trading at approximately $60,500. This marks the first close above $60,000 for Bitcoin futures , and I believe we will see $65,000 by week’s end.”
-excerpt from the previous article on 4/12/2021.
The main reason for making this case was because I felt the CPI numbers were going to continue on their upward growth which indeed, they did. The Consumer Price Index ( CPI ) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. 20 of the 21 indexes rose compared to the previous month, most notable energy of which gasoline saw a 9% rise. Combined, there was a 0.6% increase in the month of March. This beat out the increases seen over the last six months and brought the CPI up to a 2.6% increase over March 2020.
This number came in above estimates and we did see a rise in the price of gold and silver but also Bitcoin and Ethereum . It looks like we will indeed see $65,000 in BTC as today’s record high came in about $500 short of that at $64,450. Where will Bitcoin go from here?
My prediction of a new record this month in April is that we will reach a minimum of $69,600; this is based on Elliot Wave models and Fibonacci extensions. However, it has the potential to go even higher. In tandem with this, we will see Ethereum trade to the prices I mentioned yesterday. Today we saw an equal rise of about 5% on the day. The month of April will be big for Bitcoin .


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