Bitcoin (BTC) has experienced a notable price increase recently, pushing it close to a critical resistance level at $110,000. Despite this momentum, upcoming economic factors, especially the Consumer Price Index (CPI) report scheduled for June 11, introduce uncertainty. The CPI is expected to show a slight inflation rise, which could dampen bullish enthusiasm and possibly trigger a price correction.
Investor sentiment has shifted to a 'Greed' zone, signaling optimism but also caution due to potential overbought conditions. Market data reveals increasing Bitcoin sales by investors, reflecting a more cautious outlook in anticipation of the CPI results.
Should the CPI come in higher than expected, Bitcoin’s price may struggle to sustain gains and could fall to support levels near $108,000 or lower. Conversely, if inflation data is better than expected, Bitcoin might use $110,000 as a support level to push toward and possibly exceed its previous all-time high of approximately $111,980.
In a separate development, renowned Bitcoin analyst PlanB, creator of the Stock-to-Flow model, has signaled a bullish trend with a prediction that Bitcoin’s price could soar to $130,000 by the end of June 2025. This projection is based on Bitcoin’s Relative Strength Index (RSI) potentially retesting an elevated level of 75, which historically correlates with strong bullish momentum. Supporting this outlook, recent market activity includes a surge in Bitcoin trading volume by 23.77% and the minting of $1 billion USDT by Tether, indicating increased capital flowing into the market.
Additionally, Bitcoin has seen positive endorsements from influencers like Max Keiser, who noted Bitcoin’s growing strength against weakening fiat currencies such as the Turkish lira, highlighting macroeconomic factors driving Bitcoin demand.