His prediction missed, this billionaire is still confident that the price of Bitcoin can touch IDR 3.7 billion

The United States Bureau of Labor Statistics has published its June 2023 inflation data. The data reflects a monthly increase in the Consumer Price Index (CPI) of 0.2 percent and an annual increase or year-on-year (YoY) of 3.0 percent, lower than expectations of 3.1 percent. This marked a significant drop from the previous month’s figure of 4.0 percent.

Following the announcement, Bitcoin (BTC) jumped to USD 30,905 from USD 30,750 before falling to USD 30,802.40 a few minutes later.

Most of the altcoins in the top 10 crypto assets by market capitalization recorded gains of under 1 percent in the last 24 hours.

Tokocrypto External Trader, Fyqieh Fachrur sees that the June 2023 CPI data has sent a ripple of optimism throughout the crypto and Bitcoin market.

The latest figures reveal a surprising drop in inflation, which has fueled hopes of a positive outlook. However, investors are not yet enthusiastic about entering the market immediately to enliven the accumulation.

“There is often an early encouraging market reaction to positive CPI releases. These rallies often last between 5 and 15 minutes, but after that they start to weaken and become a bull trap. Crypto prices, especially Bitcoin then tend to seek liquidity,” said Fyqieh in his statement. , Thursday (13/7/2023).

According to Fyqieh, one of the causes of the failure to increase the price of Bitcoin is that market players still believe that the Fed’s policy will decide to support an interest rate increase of 0.25 basis points at the July 25-26 meeting.