Bitcoin 
$103,750‘s price experienced a decline following the release of U.S. PPI data, coinciding with the opening of stock markets. As gold prices set new all-time highs, the President of the European Central Bank predicts inflation will rise again in the last quarter. Experts provide their evaluations of the cryptocurrency market today.
September 12 Cryptocurrency Comments
QCP Capital analysts shared their insights on the current market situation. Considering macroeconomic developments, QCP provides a broader perspective, which is why we frequently share these evaluations. With only a few days left until the Fed’s interest rate decision, the Fed is likely to announce a 25bp rate cut next Wednesday.
“The U.S. CPI data released yesterday met expectations, with core CPI rising to 0.3% instead of the predicted 0.2%. This has increased the likelihood of a 25 basis point Fed rate cut to an all-time high of 85%.
In crypto, BTC rebounded from intraday losses to reclaim $57,000, indicating growing demand and a bullish outlook. Options activity reflects this, with increased demand for October-December Calls. BTC volatility dropped 12 points this week due to the CPI announcement and presidential debates. With no significant macro events ahead, we expect a decline in volatility before next week’s FOMC meeting.
Given the looming economic events showing a clear bullish trend, the market is gaining momentum with the anticipated rate cut and U.S. Presidential Elections.”
Analysts expect cryptocurrencies to reach much higher levels in November and December compared to their current positions.
Bitcoin and Current Status
BTC price currently holds at $57,000, with many analysts expecting an upward trend if this level is maintained. Prior to the Fed’s decision, if key support is preserved, we might observe increased risk appetite in altcoins. On the other hand, the President of the European Central Bank indicated inflation is set to rise again in the last quarter.
If the Fed cuts rates while labor data continues to weaken and global inflation rises in the last quarter, it could undermine hopes for a year-end rally.
