Bitcoin, the rosy forecast of $80,000 is fake..."The relief rally is over now"

▲ Bitcoin (BTC)

Bitcoin (BTC) price is showing a stable trend, maintaining the $71,000 level after the announcement of the US Personal Consumption Expenditures (PCE) inflation data. According to a CoinTelegraph report, Bitcoin is continuing its relief rally without significant volatility as the PCE index, one of the major economic indicators scheduled for this week, met market expectations.

According to data released by the US Department of Commerce's Bureau of Economic Analysis (BEA), the core PCE price index for February rose 3% year-over-year. Month-over-month, it increased by 0.4%. Investment service firm The Kobeissi Letter noted that this indicator is the last data point before the conflict between the US and Iran or the oil supply chain crisis was reflected.

Economist Mohamed El-Erian placed greater emphasis on the Consumer Price Index (CPI) announcement, which will contain March's inflation situation, rather than the PCE reflecting February's figures. El-Erian analyzed that the CPI results, which directly reflect oil price volatility, will play a decisive role in the Federal Reserve's (Fed) future monetary policy decisions.

Virtual asset market experts are leaning towards the possibility of further Bitcoin price increases. Trader Michaël Van de Poppe predicted that if Bitcoin stably supports its current price range, it could enter a new upward phase, rising to $80,000. Anonymous trader LP stated that significant liquidity has formed above $73,000 and $76,000, and if the support level of $68,000 to $69,000 is maintained, attempts for an upward breakout will continue.

Currently, the market is focusing on the impact of the upcoming CPI results amidst the calm after the PCE announcement. As expectations for a rate cut in 2026 remain low according to the Chicago Mercantile Exchange (CME) FedWatch tool, it is necessary to closely monitor price movements based on macroeconomic variables.

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