Bitcoin Price Target Rises to $137,000 Amid Increased Odds of Federal Reserve Rate Cut

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.