- Bitcoin’s 230-day consolidation could end with a powerful breakout past $160,000
- July 15 inflation report may trigger a Fed rate cut, fueling a major crypto rally
- Ethereum’s rise above $2,625 hints at growing momentum across the altcoin market
Bitcoin is on the verge of a significant price shift as investors turn their focus to the upcoming U.S. inflation report scheduled for July 15. After trading between $109,000 and $112,000 for over 230 days, the asset is now forming a breakout pattern that could lead to significant upward movement.
Last Friday’s U.S. jobs data came in stronger than expected, with 147,000 non-farm jobs added in June. This was above the 110,000 estimate and maintained the jobless rate at 4.1 percent.
After release, the price of Bitcoin fell momentarily to about 109,000 dollars as the robust labor market threatens to slow the Federal Reserve’s rate reduction in the short term.
Despite the initial dip, traders are now closely watching inflation data, which could change the Fed’s position. Ran, an analyst, stated that if the inflation rate is within the range of 2.3 percent to 2.4 percent or below, the Fed could consider reducing its rate this month. Such a decision can significantly boost Bitcoin and other risky assets.
Also Read: US Treasury Secretly Tied to XRP Escrow? Shocking Claim Resurfaces Again
Consolidation Pattern Suggests Major Upside for Bitcoin Price
Data shared by CryptoCon suggests that Bitcoin typically rallies by about 50 percent after long periods of price consolidation. If the current breakout follows that pattern, Bitcoin could rise to around $160,000 within weeks.
This is further backed up by historical trends, as Q3 of post-halving years, such as 2024, has shown average gains of 49 percent.
Source: CryptoCon
Altcoins are also displaying some strength, with Ethereum passing $2,625 in recent days, so a wider gilt market revival is likely in case Bitcoin clears its ceiling at 112,000 dollars.
Market participants are preparing for swift price action. If the inflation data meets or beats expectations and the Fed moves toward a rate cut, Bitcoin may quickly surpass current levels.
Important short-term targets will remain between 150,000 and 160,000, while some analysts are considering a shift towards 250,000 by the end of the year.
Also Read: Crypto Market Bleeds: Bitcoin, Ethereum, Solana Prices Suddenly Drop
