Notably, the BTCUSD chart above last two US CPI reports released on Aug 14 and Sept 11, respectively both propelled Bitcoin price into double-digit
The BTCUSD chart above shows how the last two US CPI reports, released on Aug 14 and Sept 11, respectively, both propelled Bitcoin price into double-digit rallies.
As the USD weakens amid consecutive rate cuts, Bitcoin’s appeal as a store of value strengthens. Hence, with the hotter-than-expected inflation observed on Oct 10, this September US CPI report could potentially, trigger another BTC price rebound in the days ahead.
Bitcoin Price Forecast: $70k “Uptober” Rally Still Viable
CME group analysts have raised the likely-hood of Nov 7, Fed rate cut to 86.4% following the US CPI data release on Oct 1. Early reactions saw Bitcoin price fell to $58,901, its lowest in 23-days dating back to Sept 23.
However, drawing insights from similar inflation trends in the last 2 CPI reports, BTC price could be on the verge of another double-digit rally towards $70k ahead of the next FOMC meeting slated for Nov 7.
Technical indicators on the BTCUSD daily chart below also affirm this optimistic Bitcoin price outlook. Firstly, the Keltner Channel indicator shows Bitcoin recently touched the lower band at $57,980, a key support level.
Historically, when prices hit the lower band, a reversal toward the midline often follows. This suggests a rebound toward the mid-level resistance at $61,848 in the near term.
Moreover, the Choppiness Index (CHOP), currently at 46.50, signals consolidation, indicating a breakout is on the horizon. A sustained move below 38 on the CHOP scale would confirm a trending market, likely upward, as volatility decreases.
Further upside potential is evident, with the upper Keltner band sitting at $65,715. This could act as the next significant resistance if BTC maintains bullish momentum. A break above the $66,000 level would strengthen the case for a $70,000 rally as market sentiment improves, driven by macroeconomic tailwinds.