BCT's drop and CPI Report 😧

[Milan1009]

Hey fam, today we saw one of the major 2022 red candles, not only for BTC, but, also on the crypto market. I have seen a lot of activity over social media regarding the 10% price drop and would like to ask if this is something you had already under your radar.

With all of the recent hype because of the ETH Merge, while still on a bear market, most of the narrative these days didn't even bring up the CPI variable before.

Which are the next events that you think will negatively impact BTC prices? I was thinking about the next halving, but I would also like to hear all of you guys’ opinions.

Article as reference for the topic: https://twitter.com/thetokenist/status/1569813095664713729?s=20&t=wE8XTBV8uZY63xlxTsqoiA

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[Poker Player]

Hey fam, today we saw one of the major 2022 red candles, not only for BTC, but, also on the crypto market. I have seen a lot of activity over social media regarding the 10% price drop and would like to ask if this is something you had already under your radar.

With all of the recent hype because of the ETH Merge, while still on a bear market, most of the narrative these days didn't even bring up the CPI variable before.

Anyway, in a bear market as we find ourselves, there is usually volatility, which means that any little thing can affect the price. The CPI report affected the markets in general.

Which are the next events that you think will negatively impact BTC prices? I was thinking about the next halving, but I would also like to hear all of you guys’ opinions.

The next halving affecting negatively? Explain that. So far halvings have positively affected the price and have the logic that as supply is reduced, the price tends to rise by the law of supply and demand.

[pooya87]

Hey fam, today we saw one of the major 2022 red candles,

A single red candle after 6 green ones is not really a major one. We have had more "major" red candles in the past that were on an actual down trend like from 7 to 14 of June with a total of 35% drop.
This makes it more of a panic sell.

not only for BTC, but, also on the crypto market.

Shitcoin market always dumps every time bitcoin price makes a bigger than usual move.

With all of the recent hype because of the ETH Merge, while still on a bear market,

Shitcoin stuff are irrelevant to bitcoin price moves.

most of the narrative these days didn't even bring up the CPI variable before.

Possibly because it is mostly unrelated.
Not to mention that if you think about it, the hedge against inflation (ie. bitcoin) should go up not down when they report high inflation!

Which are the next events that you think will negatively impact BTC prices? I was thinking about the next halving, but I would also like to hear all of you guys’ opinions.

Halving has always been a positive impact not a negative one. I don't see that changing this time.

[Oshosondy]

We are in bear market, this should not be a surprise.

With all of the recent hype because of the ETH Merge, while still on a bear market, most of the narrative these days didn't even bring up the CPI variable before.

What hype? Nothing more than significant reduction in power usage as the merge is about changing from PoW to PoS. No fee reduction and no improvement yet on scalability.

Which are the next events that you think will negatively impact BTC prices? I was thinking about the next halving, but I would also like to hear all of you guys’ opinions.

You talked about halving, which means positive even, not negative. Surely, halving would lead to another massive bull market.

[Leviathan.007]

I see today many articles about the bitcoin price drop because of the consumer price index report while we are still on the bearish market and sometimes the price starts a complex price movement so having another red candle is not really surprising for us this is a market situation while the most important thing is the sharp movement which caused because of the reading this news on the market, we all know usually after releasing this news the sharp price movement is something we all expect for while I believe this cannot have major effect in long term.  

[Baofeng]

We've already waiting for the CPI announcement like every month and it's a hit or miss for us. But so far it did have put a dent on the market, nevertheless is not like that we haven't seen the price going up/down by 10% in a single day. And specially in a bear market? we shouldn't be surprised by it. I guess the better approach is how it will affect the price in the long term, or let's see if at the end of the month we are below $20k. So there's no need to panic just before the market goes down from $22k->$20k.

[Doan9269]

Which are the next events that you think will negatively impact BTC prices? I was thinking about the next halving, but I would also like to hear all of you guys’ opinions.

I will rather prefer going by the 2024 upcoming Halving which everyone believe could make a great impacy on the bitcoin volatility, we cannot eork by other network ad a determinant because they are different things entirely that ooerate on different network on the blockchain, this coming halving will definitely have high volatility, if you consider this recent price chart, you will ser that immediately the price went dip to $18k it prepare to brrak the ice over $22k but couldn't achieve that and yhis was an attempt made twice and we all presume that there may not be any significant increase onbthe price throughout thid year that will exceed $30k

[pgbit]

After the CPI data saw a straight away $2500 dump in Bitcoin. Just because of the CPI data release.The CPI data came in at 8.3%, which was expected to come in at 8.1%, because of this We got to see the dump in the Bitcoin.And the bull we saw turned out to be a trap.Currently, if we look, a very big event is coming, the merging of the ether.After that, there is the meeting of the FED on September 21. The higher CPI data is a clear indication that the rate will be higher in this meeting of the FED. That is, the rate can go from 75 bps to 100 bps.If the CPI data can come to 8.3% then the rate can also come to 100 bps.Which would cause a massive crash in Bitcoin.Rate means that the bank is increasing the interest rate.If 75 bps comes then the market can move a little bit more. But more chances are 100 bps which is more chances of bitcoin crash.bitcoin dump we can see in coming next few days and weeks.

[DeathAngel]

Stocks tanked following the news also. I’m not worried, we’re in a bear market & have been all year. It’s nothing to be concerned about. Bitcoin will rise again & reach new highs but we’re in a bear market. If it wasn’t CPI then it’d be something else.

We're just going to have to ride it out. Still opportunities for cheap coins so use this time to buy as much as you can. You will be handsomely rewarded.

[theskillzdatklls]

There's a ~66% chance of a 0.75% hike and a 34% chance of a 1% hike coming up. The market reacted really harshly to the CPI rise, even though it was just a tiny bit more than expected.

But hyperinflation is mostly here to stay, imo. They can raise rates all they want, but then how is the government going to service it's debt? Printing money. I think they are backed up against a wall.

I think $BTC is the only long term asset out of this nonsense, that or real assets like housing, energy and food. But it will take a while for those to appreciate while the governments / central banks tank economies.

[rhomelmabini]

Which are the next events that you think will negatively impact BTC prices? I was thinking about the next halving, but I would also like to hear all of you guys’ opinions.

This likely a speculation case so it needs to be moved on Speculation board. I'm always expecting a negative news when it's in a bear market and that's not a surprise on my end, most good things are getting covered in the media. For now I think, crypto is following the traditional market track (mostly), even with the ETH Merge, it's likely an unstoppable feat in this current market.

[cryptomaniac_xxx]

And when we thought that the bleeding is already done, the price goes down again below $20k, an indication that indeed there is a huge sell-off still going on and people are now panicking. But let's wait, we haven't seen this negative news really having a huge impact for months. Maybe this week this will be felt, but after that, it's business as usual and we could be back above $20k again.

[livingfree]

Which are the next events that you think will negatively impact BTC prices? I was thinking about the next halving, but I would also like to hear all of you guys’ opinions.

I'm not negative on that but mostly bullish because of what's on the record every halving cycle. Just take the example of the last bull run, halving occurs on 2020 and then the pandemic came and we all thought that the market was doomed but it wasn't.

The next halving is my biggest factor and belief that I have that faith on it because looking at the history, it's always been that very factor. Well, the cut of the miners reward and the demand factor, that's most likely surely will make the price higher of bitcoin.

It's incomparable to the altcoins halving or any update like this merging.

[GreatArkansas]

I'm really confused about how the CPI report affects the Bitcoin price or market.
The difference was only 0.1 percent, from July to August, rose only by 0.1 percent.
So if the CPI report will decrease, are we expecting a pump on Bitcoin? I noticed that every time the CPI report is being released we are dumping, but this 0.1 percent only seems not that huge but a dump on Bitcoin happened.

[STT]

Quite a nice recovery today in markets overall, surprised me and BTC is just crossing back the 12 hour average which indicates at least some element of sustainable strength to trade off.     Its a really quite harsh set back but it was going too well not to be apprehensive of profit taking and so on.  If you are trading purely speculatively, pays to be paranoid and the cpi figure date and time would be on every traders calendar.  Market is jittery to say the least

A slight lack of numbers but lets say 21k would be a good area to regain for the positive outlook, similarly look for it as a ceiling and adjust outlook accordingly.    This is just the beginning of arresting the fall in BTC for this week at least.

[Dave1]

^^ We did have some bounce or at least the bleeding stops around $20,300-$20,400.
But then again it went down below $20k 4 hours ago, but now it is again rising just on the $20,100 level.
So maybe we can say that we are going to have a sideway patter again maybe at least before the end of this week and then we will have to look at what will be the sentiments next week if we will hit that $21k again or not. It's just like that, when there is a CPI announcement the whole market will react.

[Smack That Ace]

If it wasn’t CPI then it’d be something else.

My thinking is also the same, we are in a bear market, so rallies and then dumping are fairly common during bear markets, CPI is just a good excuse for dumping, if not CPI would certainly be another FUds. We shouldn't worry too much about short-term events as there will always be bad news being spread during a bear market to drag the market down. That's how the sharks collect their bitcoins.

We are a long way from bitcoin's next big event, the halving event, an event that is believed to be the catalyst for bitcoin's price rise. So until then, there will be a lot of volatility, many are predicting that we haven't really bottomed in this bear season so the best thing to do is stay calm and well prepared to face tough days' upcoming towel.

[bbc.reporter]

What we have witnessed to be very funny is those maximalists who try to convince everyone that bitcoin is a hedge for inflation. However, it was certainly made clear to everyone that this time of high inflation, bitcoin performed unsuccessfully and only during the time of low inflation where it performed like an inflation hedge hehe.

[pooya87]

What we have witnessed to be very funny is those maximalists who try to convince everyone that bitcoin is a hedge for inflation. However, it was certainly made clear to everyone that this time of high inflation, bitcoin performed unsuccessfully and only during the time of low inflation where it performed like an inflation hedge hehe.

Well if bitcoin price remains close to $20k while other fiat currencies continue dumping in value that means it is a hedge against inflation because it doesn't need to soar to be a hedge. But it's too soon to say.

Additionally we are not just in an inflation alone these days. We have had inflation alone over the past couple of years and during that time bitcoin went from $3k to $70k.

Currently we are in a recession with inflation which is entirely different. Meaning people can not earn enough money anymore (hence the recession) while price of everything keeps going up (hence the inflation).
That's not to mention the two ongoing wars on food and energy.

[buwaytress]

I do find it funny that CPI seems to have more effect than other hardcore markers. Take the rate hikes, for instance. They've not only been higher than expected in the last couple of announcements (and the coming one should at least be 0.75, which is higher than anything they'd predicted months ago)... but these haven't had the same effect as CPI.

Makes me wonder what kind of Bitcoin speculators are heavy in the market now.

But enough with this Bitcoin hedge against fiat inflation, why aren't we over it? heh