Token

FOMC

Satoshi

Bitcoin

Coin

<p>EGRAG Crypto, a prominent crypto analyst, has <a href="https://x.com/egragcrypto/status/1800401378302460124" target="_blank" rel="noopener noreferrer nofollow">shared</a> their insights on the current Bitcoin (BTC) price trend, drawing comparisons to the 2017 cycle pattern. According to the analyst, the present cycle is closely mirroring the 2017 cycle, referred to as Cycle B.</p>
<h2 class="wp-block-heading" id="consolidation-around-fibonacci-1-0">Consolidation Around Fibonacci 1.0</h2>
<p>The analyst points out that Bitcoin is currently consolidating around the Fibonacci 1.0 level, similar to its behavior during Cycle B. In the 2017 cycle, BTC exhibited four monthly candles of consolidation around the previous all-time high (ATH), followed by an explosive fifth candle.</p>
<p>Based on the current pattern, EGRAG Crypto anticipates that Bitcoin will continue to linger around the Fibonacci 1.0 level throughout June. However, they predict that July will be an explosive month for the cryptocurrency, potentially leading to major price gains.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="447" src="https://captainaltcoin.com/wp-content/uploads/2024/06/image-459-1024x447.png" alt="" class="wp-image-507715" srcset="https://captainaltcoin.com/wp-content/uploads/2024/06/image-459-1024x447.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-459-300x131.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-459-767x335.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-459-1536x671.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-459-2048x894.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-459-344x150.png 344w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-459-100x44.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-459-802x350.png 802w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-459-788x344.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-459.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>By the end of the current cycle, the analyst foresees Bitcoin reaching a price of approximately $173,000. This target is based on the Fibonacci 1.618 level, which has historically served as a key resistance level for the cryptocurrency.</p>
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0"><i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   New Meme Coin to Watch Aiming to be Next $BONK, $WIF or $MEW
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style>
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px">
    <p><strong><a href="https://mileimoneda.io/?utm_source=marketing&amp;utm_medium=inarticle&amp;utm_campaign=cap&amp;utm_id=s1" target="_blank" rel="noopener noreferrer nofollow">Milei Moneda</a></strong> is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president&nbsp;known for his libertarian and pro-Bitcoin stance. You have an opportunity with the <strong><a href="https://mileimoneda.io/?utm_source=marketing&amp;utm_medium=inarticle&amp;utm_campaign=cap&amp;utm_id=s1" target="_blank" rel="noopener noreferrer nofollow">ongoing low presale price</a></strong> to get in early!</p>
    <p><em>Sponsored</em></p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div>
 </div>
</div>
<h1 class="wp-block-heading" id="bitcoin-s-reaction-to-fomc-and-cpi-data">Bitcoin’s Reaction to FOMC and CPI Data</h1>
<p><a href="https://x.com/intocryptoverse/status/1800735591187050888" target="_blank" rel="noopener noreferrer nofollow">Benjamin Cowen</a>, another respected crypto analyst, has shared an observation regarding Bitcoin’s price action in relation to the upcoming Federal Open Market Committee (FOMC) meeting and Consumer Price Index (CPI) data release.</p>
<p>Cowen highlights that the last two FOMC meetings coincided with local bottoms for Bitcoin on the day of the meeting. This suggests that the cryptocurrency has historically found support and begun to recover following these key events.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="656" src="https://captainaltcoin.com/wp-content/uploads/2024/06/image-458-1024x656.png" alt="" class="wp-image-507707" srcset="https://captainaltcoin.com/wp-content/uploads/2024/06/image-458-1024x656.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-458-300x192.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-458-767x492.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-458-1536x985.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-458-2048x1313.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-458-234x150.png 234w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-458-100x64.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-458-546x350.png 546w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-458-788x505.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/06/image-458.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>Regarding CPI data, the analyst notes that two out of the last three CPI releases have been near local tops for Bitcoin. This implies that the cryptocurrency has often experienced price corrections or consolidations following the release of inflation data.</p>
<p>With both the FOMC meeting and CPI data set to be released today, Cowen anticipates an exciting day for Bitcoin. The cryptocurrency’s reaction to these events will be closely watched by market participants, as they could provide insight into the short-term direction of the market.</p>
<p><strong>Read more: </strong><a href="https://captainaltcoin.com/zksync-unveils-17-airdrop-of-zk-token-supply-details/" target="_blank" rel="noopener noreferrer nofollow">ZKsync Unveils 17% Airdrop of ZK Token Supply: Details</a></p>
<p><em><strong>Join <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="aethir" href="https://captainaltcoin.com/go/aethir/" data-shortcode="true">Aethir’s exclusive airdrop</a> and earn badges by participating in events or holding community tokens. Complete tasks and secure your spot before the snapshot date is revealed!</strong></em></p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/REBEL-SATOSHI-RECQ-MEME-COIN-qndahijqjwle5mml7gg8my30uqig0eo11vxmtat25a.png" width="500" alt="Check $RECQ Meme Coin" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-noopener-noreferrer-nofollow-span-check-recq-meme-coin-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <span>Check $RECQ Meme Coin</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> Buy RECQ Today </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Serves as the base currency for all transactions within the Rebel Satoshi platform <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>ICO stage, offering tokens at a discounted price <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade, <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/bitcoin-analyst-still-keen-on-173k-as-btc-price-target-despite-incoming-volatility-heres-why/" rel="noopener noreferrer nofollow">Bitcoin Analyst Still Keen on $173k as BTC Price Target Despite Incoming Volatility: Here’s Why</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin Analyst Still Keen on $173k as BTC Price Target Despite Incoming Volatility: Here’s Why

Table of Contents

CaptainAltcoin

Other articles published on Jun 12, 2024

Pepe Coin Price Support: Setting the Stage for a Rebound?

XRP Price Continues to Disappoint Investors

Solana (SOL) Price Struggles to Break Resistance Zone Amidst Market Volatility

Breaking: Bitcoin Price Advances As US CPI Inflation Cools

New Cryptocurrency Releases, Listings, & Presales Today – Datamall Coin, UpRock, QODA

XRP Is On Edge While Awaiting Crucial Court Ruling Amidst Bear Trend

Join our free newsletter for daily crypto updates!