Charles Esther
After last week’s price swings triggered by the Trump-Musk public breakup, Bitcoin (BTC) has settled into a range between $103,800 and $106,900 over the past three days.
The cryptocurrency has not shown a clear directional bias on the daily chart.
Market analysts suggest the price may dip lower before resuming its climb toward new all-time highs.
Will Upcoming CPI Data Trigger Bitcoin’s Next Move?
The US Consumer Price Index (CPI) report is expected on June 11.
There are concerns that tariffs imposed by Trump may push inflation higher, affecting market prices.
Analysts forecast the CPI to increase by 0.3% month-over-month and 2.3% year-over-year.
Core CPI, which excludes food and energy, is projected to rise 0.3% month-over-month and 2.9% year-over-year.
If inflation numbers come in higher than expected, this could reduce the likelihood of Federal Reserve interest rate cuts.
Such a scenario may create headwinds for Bitcoin’s price.
Swissblock, a private wealth manager, warned on June 9 that inflation data could unleash volatility in the market.
The firm noted that although Bitcoin bulls are slowly rebuilding, a short-term test of the lower price range around $104,000 is likely.
Popular analyst Mickybull Crypto echoed this view, pointing to a head-and-shoulders pattern on the daily chart that suggests a potential price drop to $101,500.
He described the situation as a short-term correction before Bitcoin reaches new all-time highs.
Bitcoin Bulls Remain in Control
Other analysts remain optimistic about Bitcoin’s longer-term trend despite possible short-term pullbacks.
Trader Daan Crypto Trades highlighted that Bitcoin has held above its bull market support band, signaling a clean and intact high-time-frame uptrend.
He stressed the importance of Bitcoin maintaining the support band near $95,000.
The uptrend has lasted more than 900 days, a period when caution is advised but the bullish trend remains strong.
Technical analyst SuperBro pointed out that Bitcoin has closed above its previous highest weekly close from 2021 for four consecutive weeks.
Bitcoin has also stayed above the 5-week exponential moving average since early May.
This pattern suggests bulls have full control over the market.
SuperBro predicts that once Bitcoin breaks the 2021 trendline, the next leg up could quickly reach between $140,000 and $150,000.
Technical Indicators Signal Rally Toward $140,000
From a technical analysis standpoint, Bitcoin’s weekly chart shows a cup-and-handle pattern and a bull flag pattern.
Both formations signal potential large gains ahead.
The cup-and-handle pattern points to a breakout above the $109,000 neckline with a price target near $143,000 — a 35% gain.
Similarly, the bull flag pattern forecasts a breakout toward $143,300.
Together, these indicators support the possibility of Bitcoin rallying to $140,000 in the near future.
Conclusion
Bitcoin is currently consolidating after recent volatility, with possible short-term dips expected as markets await crucial inflation data.
Despite this, analysts remain bullish on Bitcoin’s long-term prospects.
Technical patterns and fundamental data suggest a strong rally could be on the horizon, potentially pushing Bitcoin above $140,000.
Investors should monitor the upcoming CPI report closely as it may heavily influence Bitcoin’s next price move.
