As the cryptocurrency markets look to bounce back, Bitcoin ETFs are seeing a major boost. On September 10th, these ETFs received $117 million in inflows, ending an eight-day dry spell. Meanwhile, top analyst Michael van de Poppe predicts a Bitcoin price surge, fueled by these positive ETF inflows and the upcoming release of CPI data.
Bitcoin Shows Bullish Move
Crypto analyst Michael van de Poppe recently pointed out a strong upward move in Bitcoin’s price, thanks to positive inflows from Bitcoin ETFs which saw a $117 Million coming into bitcoin.
On the same day, Grayscale’s Bitcoin Mini Trust (BTC) and ARK Invest/21Shares’ Bitcoin ETF (ARKB) saw notable inflows, bringing in $41.1 million and $12.7 million, respectively. This news has given investors hope, suggesting that Bitcoin might be on the verge of a significant increase.
Van de Poppe pointed out that although Bitcoin surged initially, it faced a small dip during Asian trading hours. Despite this, he believes the ETF news could still drive future gains. The upcoming Consumer Price Index (CPI) report is now seen as a crucial factor in determining Bitcoin’s next move.
Expected US CPI Report
The upcoming CPI report, a key measure of inflation, is likely to have a big impact on market sentiment. Analysts expect the August CPI data to drop to 2.6%, down from 2.9% in July.
If the CPI report shows a positive result, it could increase investor confidence in Bitcoin. This boost in confidence might lead to a rise in Bitcoin’s price.
Rate Cuts Ahead To Ignite Bull Run
Echoing a bullish stance Benjamin Cowen, CEO of IntoTheCryptoverse, has pointed out that Bitcoin’s current cycle resembles its 2019 performance. He believes that rate cuts by the Federal Reserve could significantly impact Bitcoin’s price.
Cowen noted that Bitcoin might need between 165 and 175 basis points of rate cuts to overcome its current low points. If these rate cuts continue into 2025, they might delay a major price recovery.
This situation mirrors 2019 when Bitcoin initially dropped after rate cuts but eventually bounced back strongly.
