I Checked My Bitcoin Yesterday And I Nearly Delete My App.
Yesterday I checked my Bitcoin portfolio and I felt sick.
Bitcoin was at $81,382. My small holdings were all in red. I really wanted to delete my Binance app and forget about crypto.
But on a second thought, I did not. And now tomorrow is even more important.
Tomorrow, October 14, the US will release CPI inflation data at 1:30pm Nigeria time.
This report will decide if Bitcoin goes up or down this week. And the expectations are not good.
Last month, inflation was 3.4%. For tomorrow, market forecast is 3.7% for headline and 2.5% for core. That is according to current market data. The reason is energy prices. Gasoline rose by 3.9% in September and oil is still above $100 because of the Middle East crisis.
If CPI comes in higher than 3.7%, the Fed might consider a rate hike on October 28. If that happens, Bitcoin could easily fall to $77k.
If CPI comes in lower than expected, like 3.5% or 3.6%, the Fed will likely pause. Then Bitcoin could bounce back to $85k or $87k.
Smart money is already moving. Whale wallets have increased back to over 3.02 million BTC. They are buying the fear while small traders like us are panicking.
What will I do? I will not trade tomorrow morning. I will wait until 3pm after the news has settled. I have learned not to gamble on CPI days. Last time, $774 million got liquidated in one day.
I am just a student from Anambra trying to build my portfolio small with Bitcoin and BULB. I cannot afford to lose money to emotions.
Sources / Evidence:
1. Market expects headline CPI at 3.7% vs 3.4% in August, core at 2.5% - CoinDesk report Oct 12
2. Gasoline up 3.9%, Headline CPI forecast 3.6-3.7% - TradingKey & SimplyWallSt
3. Whale holdings surged above 3.02M BTC - CryptoQuant data
4. $774M liquidations on Bitcoin drop to $81k - CoinGlass data Oct 12-13
Are you planning to buy, sell, or just watch tomorrow? Let me know in the comments.
Please guys engage in my post and I will definitely engage in yours.
Assisted by AI, edited by Zubi
