Two Upcoming Macro Events Could Crush Bitcoin (BTC), Says Analyst Nicholas Merten

Renowned crypto analyst Nicholas Merten says that the near end of Bitcoin (BTC) in the coming weeks will depend on two macroeconomic events.

In a new video update, the host of DataDash tells his 511,000 YouTube subscribers that the market is waiting for the report of the Consumer Price Index (CPI) and the last meeting of the Federal Reserve of the year, both of which are set for this week.

“Why aren’t people buying the bond? The reason, in my opinion, is what’s coming here next week and it’s related to the upcoming inflation numbers from the CPI report and the Fed. at the FOMC meeting.”

The CPI report will be out on December 12th, while the Federal Open Market Committee (FOMC) meeting will take place on December 14th. Merten says that the CPI report, which is usually a major indicator of the crypto market, may reveal higher-than-expected price data.

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Merten says that although more than 80% of the market expects the Fed to raise interest rates by 50 basis points, the increase may be higher depending on the CPI report.

“If the Federal Reserve sees a big upset in the CPI to the bottom, which means that inflation is still rising month over month and that their annual target of 2% is still far away, then they have a lot of power. do well another 75 basis points. They may want to show that they are going to do what is necessary to make the price level right here, right now.”

The analyst says that even if the Fed chooses a lower rate than expected, the market will still be under pressure.

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“Does this mean that the market is saved immediately? Does this mean that we run the next one?

Nope. In fact, if we look at the previous round of the market, even as the food begins to pivot and begin to keep the federal funds rate by multiple factors, you will see that equities have gone down. It still works well because again, to the extent that people say these things have a long-term impact, you can’t just come in, cut interest rates and save the day.”

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