Bitcoin recently inflation data

Bitcoin recently surged past $84,000, driven by U.S. inflation data revealing a sharper-than-expected decline, reinforcing hopes that the Federal Reserve may ease monetary policy sooner than anticipated. citeturn0search0

The U.S. Consumer Price Index (CPI) increased by 2.8% year-over-year in February, a decline from the 3% growth recorded in January and falling short of the anticipated 2.9%. citeturn0search0

This positive momentum comes at a time when global markets are still trying to gauge the economic impact of inflation and interest rate decisions. citeturn0search12

However, analysts caution that Bitcoin is experiencing significant market volatility, with prices hitting an intraday high of around $84,000 amid a prolonged pullback. Analysts at 10X Research predict a possible drop to $73,000 as it seeks support at a crucial technical level. citeturn0news19

Despite the market's downtrend, some enthusiasts remain optimistic, predicting substantial economic value if a proper regulatory framework is established. citeturn0news19

In the short term, Bitcoin is trading within a bearish continuation pattern that indicates a potential correction ahead. citeturn0search15

Longer-term projections vary, with some analysts anticipating Bitcoin could hit $288,000 by 2024. citeturn0search17

As of now, Bitcoin is trading at approximately $82,794, reflecting a slight decrease from its recent peak.

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Investors should remain cautious, considering both the potential for further gains and the inherent volatility in the cryptocurrency market.