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Bitcoin price has not yet reached desired levels after the significant loss on August 5. Investors will start smiling as the downturn, which was devastating for altcoins, reverses. So, what is the latest situation for cryptocurrencies on August 13? What do analysts say for investors?
Analyst Crypto Commentary
QCP Capital analysts, who regularly publish evaluations on cryptocurrency markets, shared their latest assessment at the time of writing. The comprehensive approach of QCP analysts, considering both macro and crypto aspects, provides a broader perspective on events.
In the summary evaluation of the analysts, the following was written:
“- Japanese stock prices rose back to pre-crash levels today.
– However, investors remain cautious ahead of the US CPI figures to be announced this week. Investors will closely watch the inflation figures to guide whether the Fed will cut rates by 50 basis points or 25 basis points in September. The odds are currently evenly split.
– ETH spot ETFs saw cumulative inflows exceed $901 million after yesterday’s net inflow. Notably, Grayscale reported zero outflows for the first time. This provided strong support for ETH prices and could be a catalyst for a more pronounced recovery in ETH.”
Is the Crypto Downturn Over?
The recently released Producer Inflation data was below expectations. A drop is also expected in the consumer inflation data to be released tomorrow at the same time. This will encourage the Fed to be more aggressive with rate cuts. The pressure on the Fed has increased due to employment data being much worse than expected.
If tomorrow’s inflation data is positive, we could see a new period where the rise in cryptocurrencies and stocks accelerates. We are entering a new period where the Fed, which is very close to the 2% inflation target, is starting to see the risks and beyond that, the damages of a tight monetary policy.
Powell and his team should start lowering rates with a base cut of 75bp this year to avoid complicating their job further. There will be a total of 3 meetings until the end of the year starting from September, and a 50bp cut in one of these meetings will be a significant price catalyst for BTC.
