BTC price targets $27K as Bitcoin bulls shrug at PPI inflation surprise

Bitcoin gains while U.S. PPI beats forecast

Despite newly released macro data indicating resurgent inflation in the United States, Bitcoin (BTC) continues to rise as it heads into the Wall Street open on September 14. BTC reached new September highs, peaking at $26,762, indicating a bullish trend.

This surge in Bitcoin's price comes despite the implications of the U.S. inflation rebound, as confirmed by both the Consumer Price Index (CPI) and the Producer Price Index (PPI) August prints. The PPI, in particular, exceeded market expectations at 1.6% year-on-year.

However, both the cryptocurrency market and traditional markets seem to be rejecting the idea that U.S. macro policy will become more restrictive to curb inflation. The European Central Bank (ECB) even decided to increase rates by 0.25% on the same day, emphasizing their fight against inflation. Despite the ECB signaling that this could be the last rate hike, futures markets still indicate a 30% chance of continuation.

BTC price predictions pass $27,000

Market participants are expressing optimism that Bitcoin's current upward momentum will push its price to $27,000. Traders and analysts are closely monitoring the $26,400 level as a potential breakout point, with eyes set on $27,600 as the next target.

However, some analysts, like Rekt Capital, remain more cautious. They highlight a chart fractal from 2021, indicating a potential repeat of Bitcoin's previous all-time high. While Bitcoin has bounced off the $26,000 support level in the past, a relief rally followed by rejection could suggest weakening support at this level.

It is important to note that this article does not provide investment advice or recommendations. All investment and trading decisions involve risk, and readers are encouraged to conduct their own research before making any decisions.