{"id":10199,"date":"2023-02-05T12:54:42","date_gmt":"2023-02-05T12:54:42","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=10199"},"modified":"2023-02-05T12:54:43","modified_gmt":"2023-02-05T12:54:43","slug":"bitcoin-price-may-retest-20k-on-us-cpi-amid-absence-of-soft-landing-trader","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10199","title":{"rendered":"Bitcoin price may retest $20K on US CPI amid absence of soft landing \u2014 trader"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) could face a retest of $20,000 and the United States will fail in its plans for a \u201csoft landing\u201d on inflation, a new analysis says.<\/p>\n<p>In a YouTube update on Feb. 5, Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, warned that the tide is due to turn for risk assets.<\/p>\n<h2>U.S. \u201cprobably\u201d headed for recession \u2014 Van de Poppe\u00a0<\/h2>\n<p>Amid confusion over how incoming U.S. macroeconomic data may affect market sentiment, Van de Poppe says there is an increasing chance that the rebound seen in crypto and stocks this year may flip bearish.<\/p>\n<p>Bitcoin, for example, saw 40% gains\u00a0in January, but like some others, he believes that a disappointing February is a real possibility.<\/p>\n<p>\u201cI think that people should understand that there is no soft landing, that there is likely a continuation of this downward trend on the markets,\u201d he said about the longer-term status quo.<\/p>\n<p>The U.S., Van de Poppe continued, would \u201cprobably have\u201d a recession thanks to the extent of the Federal Reserve\u2019s interest rate hikes.<\/p>\n<p>Should a comedown begin to show itself, for BTC\/USD, a potential retest target lies between $20,000 and $21,000.<\/p>\n<p>Much depends on the outcome of Consumer Price Index (CPI) data for January, due Feb. 14. Should it show that inflation is slowing less than expected or even disrupting that downtrend, the results could benefit the U.S. dollar while taking the wind out of the risk asset rally.<\/p>\n<p>The U.S. Dollar Index (DXY), as Cointelegraph reported, is currently in the process of consolidating after dropping 13% since mid-2022, when it circled twenty-year highs.<\/p>\n<p>\u201cIn this case, the next week will probably bring a case of the dollar starting to rally, or the week after with CPI and PPI, so that\u2019s why it\u2019s very important to keep an eye on this chart,\u201d Van de Poppe added.<\/p>\n<p><em>U.S. Dollar Index (DXY) 1-day candle chart. Source: TradingView<\/em><\/p>\n<h2>Bitcoin bears \u201cstuck in cash\u201d<\/h2>\n<p>Meanwhile, others debated the potential for a BTC price pullback ahead of a less significant macroeconomic week.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin clings to $23.5K as trader says BTC \u2018identical\u2019 to 2020 breakout<\/em><\/strong><\/p>\n<p>A higher low would provide a better entry point for longs, popular trader Crypto Tony suggested, arguing that the bear market remained in play<\/p>\n<p>\u201cEven if this was the start of a bull market, and personally, I am still in the camp we are not. You can still get a good safer entry on the higher low pullback,&#8221; he told Twitter followers on the day.<\/p>\n<p>Some familiar bullish voices were as active as ever, however, including crypto and market education, analysis and prediction tool, IncomeSharks.<\/p>\n<p>\u201cPeople still seem to be confused as to why it\u2019s been up only,\u201d it summarized in a tweet on Feb. 3.<\/p>\n<p>BTC\/USD traded at around $23,400 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView, with around 15 hours until the U.S. weekly close.<\/p>\n<p>\u201cJust remember majority of bulls are still holding and not selling. Bears are stuck in cash. Slowly but surely the bears are caving in and buying. The stubborn ones keep shorting driving price up further.\u201c<em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-may-retest-20k-on-us-cpi-amid-absence-of-soft-landing-trader\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) could face a retest of $20,000 and the United States will fail in its plans for a \u201csoft landing\u201d on inflation, a new analysis says. In a YouTube update on Feb. 5, Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, warned that the tide is due to turn [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10199"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10199\/revisions"}],"predecessor-version":[{"id":10201,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10199\/revisions\/10201"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10200"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}