Inflation Data Means 'If You Are Bullish, Buy Bitcoin, Bearish, Short Ethereum': 10x Research
Portfolio Pulse from Murtuza Merchant
A report by 10x Research suggests this week's inflation data could cause volatility for Bitcoin, with a potential +/-6% price move. The report advises buying Bitcoin if bullish and shorting Ethereum if bearish, ahead of the inflation data release. It also notes Bitcoin's support level around $60,800-$61,400 and the average entry price for Bitcoin ETFs at $57,000. The report predicts a meaningful rally for Bitcoin later in the year, despite immediate headwinds and a potentially pivotal SEC decision on an Ethereum ETF.
May 14, 2024 | 7:29 pm
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NEUTRAL IMPACT
Bitcoin may experience a +/-6% move this week according to 10x Research, influenced by inflation data. The report suggests a potential rally later in the year despite immediate volatility and headwinds.
The report's focus on Bitcoin's potential volatility in response to inflation data, its current support level, and the average entry price for Bitcoin ETFs indicate a nuanced short-term outlook. The anticipation of a meaningful rally later in the year suggests a positive long-term view, but the immediate future is marked by uncertainty, especially with the SEC's pending decision on an Ethereum ETF.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Ethereum's short-term outlook could be impacted by the SEC's decision on a potential ETF, with 10x Research suggesting shorting ETH if bearish on inflation data.
Ethereum is mentioned in the context of a bearish strategy ahead of the inflation data release, indicating potential short-term negative pressure. The SEC's upcoming decision on an Ethereum ETF adds another layer of uncertainty, potentially affecting Ethereum's price direction in the short term.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80