As Bitcoin reaches $87,500, investors are closely monitoring potential directions for its next move. Prominent experts discuss US economic data and its impact on the cryptocurrency market.
Harmonic Pattern and Price Targets
Bitcoin continues to trade within a consolidating pattern, forming a harmonic pattern on four-hour charts. The potential completion of the third wave is expected near the 100% Fibonacci level, with a price target of $89,000–$91,000.
Economic Factors and Market Impact
The U.S. Federal Reserve is set to release the Personal Consumption Expenditures index. Analysts expect this inflation data to affect market sentiment and the Fed’s monetary policy decisions.
Expectations and Expert Forecasts
BitMEX co-founder Arthur Hayes predicts Bitcoin might reach $110,000, citing shifts in Fed policy. Optimism is also buoyed by the increase in stablecoin reserves on exchanges.
Bitcoin’s current state and the intertwined economic factors draw attention from both private and professional investors. The situation requires close monitoring due to the multitude of factors that might shape its future.
