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Has Bitcoin bottomed out after CPI data? Or is there still more decline?

Has Bitcoin bottomed out after CPI data? Or is there still more decline?

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Answer Has Bitcoin bottomed out after CPI data? Or is there still more decline?

The price of Bitcoin fell sharply after the release of the US Consumer Price Index (CPI) data on Thursday.

Currently, speculation is that the major cryptocurrency Bitcoin may drop further to a new annual figure.

On the flip side, a section of traders are looking to find a bottom in Bitcoin at least in the short term.

The CPI for September was reported to be worse than expected.

Consumer prices rose 0.4% on a monthly basis, while the CPI rose 8.2% on a yearly basis.

This is more than the expected 8.1% inflation rise.

Read:Coinciding with the drop in prices…Bitcoin hash rate and mining difficulty reach record levels

Worse-than-expected inflation numbers led to a sharp drop in the price of Bitcoin.

At the time of this writing, the price of bitcoin is at $19,800 after bitcoin has fallen and visited the $18,000 areas, down 3.47% in the last 24 hours, according to the exchange. CoinMarketCap.

Even the price of Ethereum (ETH) saw a sharp drop in its price after the release of inflation data, but it also recovered in the last 24 hours along with Bitcoin and most altcoins.

Is it a good time to buy bitcoin?

Crypto influencers differ about the best time to buy bitcoin.

A crypto market analyst called “That Martini Guy” told his 0.4 million subscribers that they would regret not buying bitcoin when it hit $18,000.

He said after the inflation data was released:

You will regret not buying Bitcoin today.

On the other hand, cryptocurrency trader Ciervo feels it is time to wait, as his tweet had the following meaning:

We are seeing an immediate sell off, as Bitcoin price reached a low of $18.2K.

Read:European Parliament votes to ban anonymous crypto transactions…details here

We’ll have to wait and see what happens in the next few days.

Will the price of bitcoin drop further?

With the global economic situation in disrepair, many experts believe that the weak market situation may have a bad effect on cryptocurrencies.

In this context, the latest inflation data figures somewhat reinforce talk of a further decline in the price of Bitcoin.

Some traders are even expecting to see a new bitcoin price drop in 2022.

The cryptocurrency market has already been under pressure with the bearish movement continuing for several months.

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