Key takeaways:
- MicroStrategy’s CEO, Michael Saylor, has warned that the US inflation at 8.6% has not peaked.
- Mr. Saylor offers some hope in that he believes Bitcoin has also not peaked in value.
- Anthony Pompliano thinks that the US inflation is probably in the double digits.
- In terms of finding a bottom, Bitcoin could eventually fall lower to $21k or even $13.5k.
MicroStrategy CEO, and popular Bitcoin Perma bull, Michael Saylor, has warned that the inflation in the United States has not peaked. Mr. Saylor’s comment comes on the backdrop of the US inflation hitting a 40-year high or 8.6%. However, he offers a glimmer of hope by stating that Bitcoin also has not peaked in value.
Mr. Saylor’s insights on the future of inflation in the US and the price of Bitcoin can be found in the following tweet.
Inflation hasn’t peaked, and neither has #Bitcoin.
— Michael Saylor⚡️ (@saylor) June 10, 2022
Inflation is Probably in the Double Digits – Anthony Pompliano.
In a similar analysis, popular Bitcoin bull, Anthony Pompliano, pointed out that the actual US inflation number is probably in the double digits. He said:
If the official inflation number is 8.6%, then the real inflation number for an average citizen is easily double-digits.
Bitcoin Drops Below $30k Due to the 8.6% Inflation Report, Could Go Lower
Concerning value, the number one digital asset of Bitcoin has been hit hard by the news that the US inflation has hit 8.6%: its highest in 40 years. Consequently, Bitcoin has lost the crucial $30k support level and has set a local low of $29,011.
Furthermore, popular Bitcoin and crypto analyst, MagicPoopCannon, has forecasted possible pain ahead for BTC. According to his analysis, Bitcoin will likely bottom somewhere between $13,500 and $21,000.
A glance at the daily BTC/USDT chart below reveals that Bitcoin is still in bear territory, trading below the 50-day (white), 100-day (yellow), and 200-day (green) moving averages. Additionally, the daily trade volume hints at continual selling, with the MACD’s histogram confirming weak buying.
Also, from the chart, the daily MFI and RSI are in the neutral territory of 38 and 42, respectively. This, in turn, hints at the possibility of Bitcoin’s price going either way. BTC could plummet to the $28k support level or even the local low of $26,700. On the flip side, Bitcoin could attempt to tap the 50-day moving average at around the $32k price area.
