Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-potential-correction" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Potential Correction</a><br></p>
<p style="text-align: justify">Significant <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> and developments continue to emerge in the cryptocurrency <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a>. Analysts are observing a potential correction in <a href="https://en.bitcoinhaber.net/bitcoin-poised-for-ascendancy-as-market-sentiment-shifts" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price, predicting it could fall below $55,000 before any recovery. The price recently dipped below a major growth trajectory line, an important marker compared to previous Bitcoin halving cycles.</p>
<h2 id="critical-phase-for-bitcoin">Critical Phase for Bitcoin</h2>
<p style="text-align: justify">According to Ecoinometrics, a crypto research platform, if Bitcoin can recover above the $63,000 mark, it may set the stage for new highs. The team expressed confidence in an X post on August 12, suggesting that returning to the historical post-halving growth range before year-end could significantly boost Bitcoin’s value, potentially reaching six figures.</p>
<p style="text-align: justify">Historical patterns indicate that if Bitcoin follows the same path as in previous halving cycles, it could surpass $140,000 at the peak of the 2025 cycle. However, analysts note that Bitcoin’s price might dip below $55,000 depending on the upcoming Consumer Price Index (CPI) release on August 14.</p>
<h2 id="how-could-cpi-impact-bitcoin">How Could CPI Impact Bitcoin?</h2>
<p style="text-align: justify">Crypto investor and analyst Crypto Bullet commented on August 12 that a higher-than-expected CPI reading could trigger another correction. He observed a strong recovery in Bitcoin’s recent weekly performance but cautioned against bearish sentiments if CPI data exceeds expectations.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify"><strong>Valuable Inferences:</strong></p>
<p style="text-align: justify">– Monitoring the CPI release on August 14 is crucial for understanding short-term Bitcoin price movements.<br> – Recovery above $63,000 could be a strong bullish indicator for Bitcoin.<br> – Declining Bitcoin miner reserves may reduce selling pressure, potentially stabilizing the market.<br> – Analysts suggest that confirmation above $60,600 is essential for sustaining upward momentum.</p>
<p style="text-align: justify">CryptoQuant writer Binhdangg pointed out that Bitcoin miner reserves have decreased to 1.8 million, lower than at the beginning of March when Bitcoin was at its all-time high. Decreasing reserves imply reduced selling pressure, as miners depend on selling Bitcoin to cover operational expenses.</p>
<p style="text-align: justify">Popular analyst Rekt Capital believes Bitcoin needs to confirm support above $60,600 for sustained upward momentum, as expressed in an X post on August 10. This could position Bitcoin for a revisit above $65,000 over time.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-faces-potential-correction" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Potential Correction</a></h5>

Bitcoin Faces Potential Correction

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