Analyst: Bitcoin's Near-Term Outlook May Depend on US Economic Data

BlockBeats News, August 25th, XS.com market analyst Linh Tran stated that the recent outlook for Bitcoin will largely depend on the upcoming U.S. economic data, including preliminary GDP and core personal consumption expenditures inflation. If the data continues to show a slowing U.S. economy and easing inflation, the Federal Reserve will have more reason to start a rate-cutting cycle.

“This scenario will create a liquidity-rich environment conducive to Bitcoin's recovery,” Tran said. However, Tran added that if the data unexpectedly turns out to be “hot,” investors may maintain a defensive posture and extend the short-term pullback. (FX678)