The Core PCE index is revealed today. Therefore Bitcoin could reach $36 000, with another 2 key indicators suggesting potential growth opportunities in the background, according to crypto hedge fund manager Thomas Kralow.
Here are 3 key catalysts for Bitcoin’s growth:
Thomas Kralow, a crypto hedge fund manager and founder of Kralow Capital and Kralow Ventures, shares his analysis with Crowdfund Insider below.:
The crypto market has been witnessing significant developments, and key indicators suggest potential growth opportunities:
The rapid increase in federal debt.
As noted in the update:
“We’ve seen the federal debt explode by one trillion dollars in just five weeks since the increase of the debt ceiling. This rapid increase in debt has significant implications for the market. As more money is injected into the system, the purchasing power of fiat currencies may erode. This could drive investors towards alternative assets such as cryptocurrencies, including Bitcoin, as a hedge against inflation.”
Drop in CPI.
As mentioned in the analysis:
“Today’s CPI (Consumer Price Index) report holds significant importance. The recent drop in CPI from 5% to 4% is encouraging, and if it goes down to 3.1%, it would be truly remarkable. This would indicate that the Federal Reserve may be nearing the end of its tightening cycle. It’s likely signaling a more controlled inflationary environment and supporting the positive sentiment in the crypto market. Lower inflation rates may lead to increased confidence in cryptocurrencies as a store of value and a hedge against traditional fiat currencies.”
Bitcoin ETF acceptance.
As explained in the analysis:
“Another noteworthy development is the former SEC chair acknowledging the difficulty in resisting the approval of Bitcoin and ETFs. This indicates that the acceptance of Bitcoin in the traditional financial system is becoming inevitable. With trillions of dollars waiting to be utilized and institutional investors entering the crypto space, the potential for growth is substantial.”
Technical analysis:
As noted in the market analysis:
“Currently, we are in a consolidation phase after the mid-June pump. While short-term predictions are challenging, there is a possibility of a breakout to the upside, especially as long as the support level around $29,830 (or $30k) holds. The breakout target is around $33,000, with the highest level for this move reaching approximately $36,500.”