Bitcoin Price Target Rises to $137,000 Amid Increased Odds of Federal Reserve Rate Cut
Main Idea
Bitcoin's price is projected to reach $137,000 amid increased expectations of a Federal Reserve rate cut, supported by stable July CPI data and favorable market conditions.
Key Points
1. July US CPI remained at 2.7% year-over-year, boosting Fed rate cut expectations to 93.9% for September.
2. Bitcoin's price is expected to reach $130,000 in September, with a potential rise to $137,000 if market conditions remain favorable.
3. Key support levels for Bitcoin are between $117,650 and $115,650, which traders should monitor closely.
4. A descending trendline breakout suggests a bullish scenario for Bitcoin, targeting $137,000, but failure to reclaim $120,000 could lead to short-term downside pressure.
5. Upcoming Producer Price Index (PPI) data could further influence Bitcoin's price, with softer-than-expected figures reinforcing lower rate expectations.
Description
Bitcoin is projected to reach $137,000 as the likelihood of a Federal Reserve rate cut increases, driven by steady inflation rates and positive market sentiment. July US CPI remained at
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