According to a recent article from 10x Research, the US economy is slowing, and for now, that's a good thing. GDP is just over 1%, the ISM manufacturing index has been contracting for several months in a row, and the employment side continues to be weak, negatively impacting consumer spending. Another key and forward-looking employment indicator, "job openings," has slowed significantly, all of which will lead to lower inflation.
We will get more employment data this Friday, a weaker surprise could lead to a rate cut, and next week we will receive a CPI inflation report. If the CPI increases by 3.3% or less year-over-year, it could push Bitcoin to a new all-time high.
The closing price triggered by a decline in US employment or inflation will undoubtedly reach an all-time high between this Friday and next Wednesday. Therefore, we expect Bitcoin to reach an all-time high by the end of next week.
10X Research: Bitcoin is expected to reach a new all-time high next week
2024-06-05 03:29:12
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