Although nothing can be predicted, if the CPI and PPI data are released next week, which will affect the Fed's interest rate and there will be a new move in the market.
CPI was released 2 days ago and was lower than expected, which made the market optimistic, as 95% believe that the Fed will cut interest rates in September. That also helped stocks and bitcoin hit all-time highs, but with the PPI data just released and significantly higher than expected. Bitcoin reacted immediately again and dropped below $118k. This index will put the Fed in a difficult position and a rate cut will be difficult to happen next month when inflation is showing signs of rising again.
Just yesterday, I was convinced that bitcoin could hit $130k by August, but with the PPI just released I'm a little worried.
I see less volatility as more financial institutions, various countries' reserves and individual companies accumulate Bitcoin. Retail investors of Blackrock and Fidelity ETFs (exchange-traded-funds) are far less likely to sell their shares of the ETF, and retirees can now have it in their 401(k) accounts which will also be far less likely to be sold.
Accumulation and 'hodling' will only make the price of Bitcoin move higher and higher. I foresee $130k to $150K for BTC is not far away.
