Bitcoin Price Correction Is Expected Before FOMC Meeting: Analyst

full version at coinedition

A crypto analyst said Bitcoin price correction is coming as US inflation persists.
The crypto market volume increased by over $100 billion in the last 24 hours.
Crypto miners previously crashed the price of BTC to $19k.

A recent tweet by a prominent analyst, Michaël van de Poppe, suggests that the US inflation is likely to persist, resulting in a correction in the price of Bitcoin before the next Federal Open Market Committee (FOMC) meeting. Poppe added that while the consumer price index (CPI) may be lower, some figures indicate that inflation will continue longer than expected.

The analyst further argued that the Producer Price Index (PPI) report expected to be released today would confirm the trend, leading to a shift in market sentiment toward a potential interest rate hike of 25 or 50 basis points.

Inflation will stick around, CPI is lower, but some numbers indicate that we’ll have it for longer.

PPI today, should be resulting into the same answer, hence probably sentiment flips towards 25bps/50bps again. #Bitcoin to correct until FOMC, relief rally after.
— Michaël van de Poppe (@CryptoMichNL) March 15, 2023