Bitcoin (BTC) Price Drops Below $86K Ahead of US PCE Inflation Data Release

The decline came amid market participants waiting for the upcoming US PCE inflation data, which is expected to provide clues on the Fed’s stance on interest rate cut plans.

Jakarta, Pintu News – Recent updates in the crypto market show that Bitcoin price has dropped, continuing the gloomy sentiment that has befallen the market.

The decline came amid market participants waiting for the upcoming US PCE inflation data, which is expected to provide clues on the Fed’s stance on interest rate cut plans.

However, amidst the gloomy market sentiment, veteran trader Peter Brandt hinted at the possibility of Bitcoin plummeting to the $70,000 level in the near future.

The cryptocurrency market experienced mixed movements in the last 24 hours, with most of the top ten cryptocurrencies showing slight gains, while others, such as BNB and Cardano, reported losses of more than 1%.

At the time of writing (28/3, 08:00 WIB), Bitcoin price is down more than 1.4% at the time of writing, and has slipped below the $86,000 level. The previous day’s trading volume also decreased by 2.4%, to $25.8 billion.

On the other hand, the total cryptocurrency market cap also went down by 0.37% in the last 24 hours, and is currently at $1.21 trillion.

Bitcoin Price Drops: What Will Happen Next?

Bitcoin price today (28/3), is down more than 1.4% at the time of writing, and has slipped below the $86,000 level. The previous day’s trading volume also decreased by 2.4%, to $25.8 billion.

Read also: Bitcoin Dips to $86K—But Massive 6,000 BTC Withdrawal Could Signal What’s Coming Next

Over the past 24 hours, Bitcoin price has recorded a low of $85,837.93 and a high of $87,702.17.

Even so, BTC price predictions suggest a possible recovery to the $88,000 level before the end of this month. However, open interest on Bitcoin Futures fell by more than 1.5%, reflecting reduced risk appetite among traders.

This is not an unreasonable expectation https://t.co/8LRVBjBv2A

— Peter Brandt (@PeterBrandt) March 27, 2024

For context, in a recent analysis on platform X, HTL-NL analysts showed a chart forecasting a potential BTC price drop to $76,700, which could even reach around $70,000.

In response to the analysis, Brandt commented, “This is not an unreasonable expectation.” This shows that he also believes that there is strong selling pressure on Bitcoin, which could push its price down near the $70,000 level.

Will Bulls Rule the Market After the Release of US PCE Inflation?

The current price drop seems to be due to the cautious attitude of investors who chose to wait ahead of today’s scheduled release of US PCE inflation data.

If the inflation data is in line with market expectations, this could be a big boost to positive sentiment in the market.

Declining inflationary pressures could potentially prompt the Fed to take a more dovish interest rate policy stance. Typically, lower interest rates boost traders’ confidence, which in turn can push Bitcoin prices up.

On the other hand, analyst Javon Marks also shared an optimistic prediction. In his latest post on X, Marks highlighted BTC’s previous price surge from $19,000 to $67,543.

At $19K Bitcoin, we noticed a price breakout with $67543.26 as the target and a bull divergence + breakout suggesting a trend reversal and a >3X to reach it.Today, $BTC stands at ≈$87,590, holding above our older target with $116,600 – $118,800s as the current target coming ... https://t.operability.

Comparing that movement to current levels, he estimates that Bitcoin could reach between $116,600 to $118,800 if history repeats itself.

Read also: XRP Price Predictions for 2025 to 2030 Based on Bitwise’s Latest Report!

In addition, a number of other analysts have also predicted a potential BTC breakout towards a new record high (All-Time High/ATH). For example, Michael van de Poppe in his latest post on X stated that “Bitcoin’s price decline is quickly absorbed and buying pressure continues to increase.”

Very solid bounce on $BTC today.Drops getting absorped quickly and buying pressure is building up.I think, with this end of the month, that we'll have a very strong Q2 coming up and a great month of April.