{"id":586291,"date":"2024-10-11T12:36:46","date_gmt":"2024-10-11T12:36:46","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=586291"},"modified":"2024-10-11T12:36:46","modified_gmt":"2024-10-11T12:36:46","slug":"bitcoin-price-prediction-as-us-cpi-rises-more-than-expected-analysts-say-consider-this-ico-offering-huge-staking-rewards-for-doge-shib-and-pepe","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-as-us-cpi-rises-more-than-expected-analysts-say-consider-this-ico-offering-huge-staking-rewards-for-doge-shib-and-pepe","title":{"rendered":"Bitcoin Price Prediction: As US CPI Rises More Than Expected, Analysts Say Consider This ICO Offering Huge Staking Rewards For DOGE, SHIB, And PEPE"},"content":{"rendered":"

The Bitcoin Price rose a fraction of a percent in the last 24 hours <\/span>to trade at $60.373<\/a> as of 03:40 a.m. EST on trading volume that rose 7% to $30 billion.<\/span><\/p>\n

This comes as the US consumer price index (CPI) increased a seasonally adjusted 0.2% in September, putting the annual inflation rate at 2.4%. Both were 0.1 percentage points higher than expected.<\/span><\/p>\n

Meanwhile, core inflation, excluding food and energy, increased 0.3% on the month, putting the annual rate at 3.3%.<\/span><\/p>\n

Bitcoin Price Aims For A Bullish Trend Reversal<\/h2>\n

According to data from <\/span>GeckoTerminal<\/span><\/a>, the Bitcoin price appears to be in a sideways to slightly bearish phase, as the bulls struggle to keep it above $66,000.<\/span><\/p>\n

The recent downtrend from the $62,200 support allowed the bears to push Bitcoin’s price below both the 50-day and 200-day Simple Moving Averages (SMAs).<\/span><\/p>\n

The Relative Strength Index (RSI) is in the lower-middle range, currently at 42, leaning slightly towards oversold territory (below 50 but not yet below 30). This suggests the asset is in a bearish phase but not yet heavily oversold, leaving room for further downside or consolidation before a potential reversal.<\/span><\/p>\n

The highlighted Fair Value Gap (FVG) box near the $57,500 level represents an inefficiency or gap in price action where the market may revisit to fill orders. The price of Bitcoin recently bounced from this area, suggesting it’s a strong demand zone.<\/span><\/p>\n

Currently, the Bitcoin price has not yet filled the FVG. In such a scenario, the Bitcoin Price could plunge even further down to the $57,500 support zone.<\/span><\/p>\n

\"BTC
BTCUSD Chart Analysis Source: GeckoTerminal.com<\/figcaption><\/figure>\n

Meanwhile, if the bulls take control of the price at this level, Bitcoin price could soar over to breach the immediate resistance zone at $61,685 (50-day SMA) as the bulls aim for the next resistance at $66,200.<\/span><\/p>\n

As the Bitcoin price bulls search for more buying signals, investors are piling into the new meme token<\/span> Crypto All-Stars (STARS)<\/span><\/a>, which has amassed over $2.18 million in its presale<\/span><\/p>\n

99Bitcoins, an influential crypto channel on YouTube with over $706K subscribers, says $STARS has the potential to soar 100X after its launch.<\/span><\/p>\n