CPI Release Decides Fate of Bitcoin’s Mini-Bull Run

– A Consumer Price Index (CPI) release in the US today decided whether Bitcoin will continue its mini-bull run or have a correction.
– Estimates agreed that 6.5% is the magic line that will decide whether it is a bull or bear market in the short term.
– JP Morgan also released its own game plan, calling for a 65% chance that CPI will be between 6.4% and 6.6%, which could trigger an upside move in the S&P 500.

Today, the US released the Consumer Price Index (CPI), which will decide whether Bitcoin will continue its mini-bull run or have a correction. Estimates agreed that 6.5% is the magic line that will decide whether it is a bull or bear market in the short term. If the figure is 6.3% or lower, the market will have a bull run as the US central bank projections from the last FOMC are no longer credible and will be thrown overboard. At 6.3% to 6.5%, the market is likely to celebrate with restraint, although this may already be priced in. At 6.5% to 7.1%, there will be a sell-off.

JP Morgan also released its own game plan, calling for a 65% chance that CPI will be between 6.4% and 6.6%, which could trigger an upside move in the S&P 500. The banking giant estimated that if CPI falls below 6.4%, it could mean a 3% to 3.5% pump for the S&P 500. In the worst-case scenario, CPI is above 6.6%, which could mean a 2.5% to 3.5% downside for the S&P 500.

The CPI was released today at 8:30 am EST and came in at 6.5%. This means that the market is likely to celebrate with restraint, although this may already be priced in. The outcome of this CPI release will be closely watched and could have a major impact on the Bitcoin price. With the US central bank projections from the last FOMC no longer credible, the market is on the lookout for the next driver and this CPI release could be the turning point.