Analysts Maintain Bitcoin Target at $80,000, PCE Inflation Data Boosts Market Sentiment

Odaily News The latest US PCE inflation data largely met expectations, alleviating market uncertainty. Bitcoin's price has stabilized after previously touching around $73,000. Data shows that the core PCE year-on-year figure for February was 3%, with a month-on-month increase of 0.4%. The market was also influenced by easing US-Iran tensions, but analysis points out that the current PCE data does not yet reflect potential energy price shocks. Although the inflation data did not trigger significant market volatility, investors remain cautious regarding expectations for a Federal Reserve rate cut within the year.

Economist Mohamed El-Erian stated that compared to the PCE, the upcoming CPI data this week is more critical for the market, especially against the backdrop of oil price fluctuations. On the trading front, the market remains within a consolidation range, with liquidity primarily concentrated between $69,000 and $76,000. Trader Michaël van de Poppe believes that as long as key support levels hold, Bitcoin could potentially initiate a new upward trend, targeting $80,000. (Cointelegraph)