{"id":364836,"date":"2025-02-02T15:29:24","date_gmt":"2025-02-02T09:59:24","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=364836"},"modified":"2025-02-02T15:29:24","modified_gmt":"2025-02-02T09:59:24","slug":"bitcoin-might-drop-to-100k-next-week-according-to-analysts-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-might-drop-to-100k-next-week-according-to-analysts-crypto-news\/","title":{"rendered":"Bitcoin Might Drop to $100K Next Week, According to Analysts – Crypto News"},"content":{"rendered":"
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Bitcoin is hovering around the $104,000 mark today, but could slip back to $100,000 in the face of negative U.S. inflation and jobs data, according to analysis from Japanese exchange BitBank.<\/p>\n

\u201cWith Trump\u2019s inauguration festivity behind, the crypto market is shifting focus to U.S. inflation data today and [the] jobs report next week,\u201d explains BitBank market analyst Yuya Hasegawa.<\/p>\n

While inflation did ease modestly in December<\/a>, Hasegawa notes that it has been \u201csticky\u201d in recent months and that the incoming \u201ceconomic data may not favor Bitcoin.\u201d<\/p>\n

Something similar may apply to Ethereum, although the latter has outperformed Bitcoin today after the SEC\u2019s approval of Bitwise\u2019s BTC-ETH exchange-traded fund<\/a>.<\/p>\n

This news also comes as net inflow for existing Ethereum ETFs turns positive after several days of outflows, with funds adding ETH worth $67.8 million to their books, according to CoinGlass data<\/a>.<\/p>\n

Yet if today brings downbeat inflation figures, this would indicate that the Federal Reserve may stick to its current insistence on not lowering interest rates<\/a>. As of Friday morning, the Commerce Department’s Bureau of Economic Analysis reported<\/a> that the personal consumption expenditures (PCE) price index rose 0.3% last month after an unrevised 0.1% gain in November.<\/p>\n

However, Digital Finance Group founder James Wo suggested that if and when the market sees an easing of inflation it could quickly boost expectations of future rate cuts.<\/p>\n

\u201cThe anticipated rate cuts will increase money supply which converts to greater spending power, often driving the bull market up,\u201d he told Decrypt<\/i>.<\/p>\n

Even with less than welcome inflation news today, the medium- and long-term picture for both Bitcoin and Ethereum remains positive, with Hasegawa underlining Jerome Powell\u2019s recent U-turn<\/a> on whether U.S. banks should work with crypto firms.<\/p>\n

\u201cChair Powell\u2019s comment was received as a hope that some level of further deregulation is on its way,\u201d he said in a trading note shared with Decrypt<\/i>, adding that Powell\u2019s remarks form a piece of with last week\u2019s removal of the restrictive SAB 121 accounting rule<\/a>.<\/p>\n

Digital Finance Group\u2019s Wo is also optimistic that Powell\u2019s remarks were more than just symbolic, and that they will lead to meaningful growth in the U.S. and broader cryptocurrency market.<\/p>\n

\u201cIt provides great significance as it now provides greater guidance for banks to serve crypto, reducing the grey areas and ambiguities that many institutions have faced in the past,\u201d he explains.<\/p>\n

Other analysts point to additional positive factors for Bitcoin, with 10X Research writing yesterday<\/a> that President Donald Trump\u2019s tariff rhetoric is already driving up the price of gold, and could do the same for the market\u2019s biggest cryptocurrency.<\/p>\n

\u201c393 metric tons of gold\u2014valued at approximately $35 billion\u2014have been moved into COMEX vaults in New York since the Trump election, pushing inventory levels up by 75%, the highest since 2022,\u201d the firm\u2019s analysts write.<\/p>\n

And with the price of gold rising, this could increase the impetus for an additional reserve asset, which is already strong in view of recent moves from various states<\/a> to establish BTC reserves.<\/p>\n

Edited by Stacy Elliott<\/a>.<\/i><\/p>\n

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Bitcoin is hovering around the $104,000 mark today, but could slip back to $100,000 in the face of negative U.S. inflation and jobs data, according to analysis from Japanese exchange BitBank. \u201cWith Trump\u2019s inauguration festivity behind, the crypto market is shifting focus to U.S. inflation data today and [the] jobs report next week,\u201d explains BitBank […]<\/p>\n","protected":false},"author":2,"featured_media":364838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-364836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/364836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=364836"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/364836\/revisions"}],"predecessor-version":[{"id":364841,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/364836\/revisions\/364841"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/364838"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=364836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=364836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=364836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}