[UPDATE] My New Bitcoin Target After June 9.1% CPI Report | Gareth Soloway

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[UPDATE] My New Bitcoin Target After June 9.1% CPI | Gareth Soloway

The major news in the past day has been the release of the June CPI (consumer price index). The Bureau of Labor Statistics' Consumer Price Index (CPI) reflected a year-over-year increase of 9.1% last month, up from the prior 40-year high of 8.6% in May. Economists were expecting June's reading to show an 8.8% increase, according to estimates compiled by Bloomberg. The higher-than-anticipated CPI caused a dip across almost all markets, as Bitcoin dipped below the $19,200 mark. At the time of writing, Bitcoin has slightly rebounded to the $20,200 level. As a guest on Greg Dickerson's podcast, trader Gareth Soloway gave his input on what he believes is next in both traditional markets and cryptocurrency after the CPI reports. Gareth believes because of the historic nature of Bitcoin always having the Fed pump money during a downturn, if Bitcoin retraces back to below the $17,500 level, then we can easily get to $12,000 or even below 10. There are many factors involved and Gareth admittedly understands that the market can rip either way, but based on past cycles, he suggests preparing for a downturn around a small rip forward.
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THIS INTERVIEW WAS POSTED ON JULY 13, 2022
Listen to the full unedited interview here ⬇ [Credits] 🙏
BITCOIN, CRYPTO, STOCK MARKET UPDATE!!! with Gareth Soloway
https://studio.youtube.com/video/ytmwIXoN10I/edit
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🎵BACKGROUND MUSIC licensed through AudioJungle & Epidemic Sound
🎥FOOTAGE licensed through VideoBlocks and Filmpac, except parts about the topic that have been used under fair use.
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