Bitcoin Price Set For New Yearly Low With Hot CPI Inflation Data?

The Bitcoin price fell sharply following the release of the U.S. consumer price index (CPI) data on Thursday. With this, speculation is rife that the top cryptocurrency could drop further to a new yearly low figure. On the other side, a section of traders are looking to find the local Bitcoin bottom for at least in the short term. The CPI for September was reported to be worse than expected.

Consumer prices increased by 0.4% on monthly basis whereas the CPI rose by 8.2% on yearly basis. This is more than the expected inflation rise by 8.1%. The worse than expected inflation numbers resulted in sharp drop in BTC price. As of writing, Bitcoin price stands at $18,452, down 3.47% in the last 24 hours, according to price tracking platform CoinMarketCap. Even Ethereum (ETH) saw a sharp decline in its price following the inflation data release. As of writing, ETH price stands at $1,225.15, down 5.51% in the last 24 hours.

When To Buy Bitcoin?

Meanwhile, crypto influencers are divided over the best time to buy Bitcoin (BTC). A crypto influencer named That Martini Guy told his 0.4 million subscribers they would regret not buying BTC today. “You will regret not buying Bitcoin today,” he said following the inflation data release. On the other side, a crypto trader named Ciervo and Crypto Rover, an influencer, feel it is time to wait. Ciervo tweeted,

“We are seeing an immediate sell-off, with the Bitcoin price reaching a low of $18.2k. We will have to wait and see what happens in the next few days.”

Bitcoin New Low For 2022 Soon?

With the global economic condition in a bad shape, many experts believe a weakening market situation could have a bad impact on cryptocurrencies. In this context, the latest inflation data numbers reinforce to an extent the talk of a further drop in Bitcoin price. Some traders are even expecting to see a new Bitcoin low for the calendar year 2022 very soon. The crypto market has already been under pressure with downward movement since the past few months.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.