Digital currency market continues to be uncertain. Some call it a ‘sideways market’, meaning prices have small fluctuations but don’t move in a specific direction. Recent data shows monthly and annual Core PCE rates in the US increased by 0.4% and 2.8% respectively, both higher than expected. This could put more pressure on the Federal Reserve and potentially lower interest rates in the near future. Bitcoin (BTC) price has dropped over 4% in the past 4 days from $89,000 to around $85,000. Part of this 4% decrease is attributed to today’s PCE data. Analysts now warn of a possible further sharp decline. Peter Brandt, a legendary trader, believes Bitcoin will fall to $70,000. He points to a pattern similar to a bearish flag. According to his analysis, recent weeks’ growth has only been part of this flag pattern, and there’s a possibility of another 15% Bitcoin drop in the coming weeks. However, Brandt mentions that if Bitcoin can break $91,000, this bearish pattern will disappear. On the other hand, CryptoQuant data shows an increase in Bitcoin outflows from exchanges. This is usually considered a bullish signal, as a decrease in exchange reserves can indicate investors’ confidence and expectations for Bitcoin price growth. Additionally, Bitcoin investment funds in the US have seen capital inflows for the 10th consecutive day. According to SoSoValue report, $89 million of new capital entered these funds on Friday, indicating strong institutional demand for Bitcoin. Despite conflicting signals, the future path of Bitcoin is still uncertain. Will Peter Brandt’s analysis prove right, leading to a Bitcoin fall? Or will positive market indicators drive BTC growth again? Visit the digital currency price page to see live prices of all tokens and cryptocurrencies.
