Bitcoin and the whole crypto market explode as good things are coming our way. Check out the latest reports below.
Inflation reversal
Crypto traders are celebrating a highly-anticipated report from the Fed that details a meaningful reversal in inflation for the first time this year.
It’s been just revealed that the consumer price index (CPI) shows a year-over-year inflation increase of 8.5% in July, compared to 9.1% in June.
It’s also important to note the fact that while inflation remains red-hot, global markets are popping on the prospect that high prices have hit a peak and are finally in reverse.
Raoul Pal addresses the crypto state
Macro economic expert and crypto bull Raoul Pal says he believes this is the beginning of a long-term reversal.
Pal said that inflation will plummet over the next 18 months. This will be due to concerns over inflation shift to realities of recession, forcing the Fed to reverse course on interest rate hikes that have pummeled crypto and equities.
“Peak inflation gives way to peak growth fear. I do think markets will react positively to weak growth, not negatively, broadly speaking.”
Over to you Sir Powell, you know what to do. pic.twitter.com/qwMbdtriNm
— Arthur Hayes (@CryptoHayes) August 10, 2022
BitMEX founder Arthur Hayes is on the same page. He made sure to predict the fact that Fed Chairman Jerome Powell would reverse course and trigger a market turnaround.
BTC new $100k prediction is out
A popular analyst is impressed by how well altcoins are performing against Bitcoin (BTC). On the other hand, he still believes the king crypto can reach new all-time highs.
The anonymous host of InvestAnswers said that while 94% of altcoins are currently outperforming Bitcoin on the BTC Dominance chart, he believes they’re peaking, and BTC is primed to rise again.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $24,669.
