Bitcoin price saw a sudden 2% fall to $108K during US trading hours on Tuesday, ahead of the CPI and PPI inflation data due this week. While the market trend remains overall bullish, experts such as legendary trader Peter Brandt, known for his exact forecasts, warned about a potential 75% correction in Bitcoin price.
Bitcoin Price Slips Towards Support
As per CoinGlass data, Bitcoin saw a sudden longs liquidation in the last few hours, despite the market remaining optimistic over trend continuation above $110K. Notably, $23 million in longs were liquidated from $30 million in total liquidation over the last 12 hours.
In an X post on June 10, legendary trader Peter Brandt predicted a possibility of a 75% correction in Bitcoin price. The prediction was based on Bitcoin following its historical pattern when Bitcoin formed a double top and crashed.
In addition, options trading platform GreeksLive revealed mixed sentiment among traders, acknowledging other bullish trend while expressing frustration over unpredictable market moves driven by large institutional buyers around $105-110K levels.
Meanwhile, Hyperliquid liquidation map of Bitcoin revealed a significant concentration of long positions liquidations near the $105K level. If Bitcoin price drops to this level, a huge number of investors will get liquidated.
As per the data, most traders were cautiously positioning with puts despite the upward momentum in the last 24 hours, citing concerns about volatility pricing and market manipulation.
Bitcoin price is still up 1% in the last 24 hours, with the price currently trading at $108,580. The 24-hour low and high were $107,125 and $110,561, respectively. Furthermore, the trading volume increased further by 25% in the last 24 hours, indicating a rise in interest among traders.
US CPI and PPI Jitters
As The Crypto Times reported earlier, the crypto market is awaiting the upcoming US inflation data for cues on the potential future moves of the US Federal Reserve.
The US Department of Labor Statistics to release CPI inflation data for May on Wednesday. As per forecasts, the headline CPI inflation increased to 2.5% from 2.3% in April, a rise after decreasing for three consecutive months. Whereas, the core CPI was expected to come in higher at 2.9%, from 2.8% in the previous month.
The month-over-month CPI data was forecasted to increase 0.2%, the same as last month. Moreover, the core CPI monthly was expected to come in at 0.3%, from a 0.2% increase in the previous month.
Meanwhile, the annual Producer Price Index (PPI) is expected at 2.6%, an increase from 2.4% in April. The core PPI was estimated to drop to 3% from 3.1% previously. The monthly PPI and core PPI were forecasted to increase 0.2% from -0.5% and 0.3% from -0.4%, respectively.
The Fed relies on US jobs and inflation data to decide interest rate changes. The latest jobs data was slightly stronger than expected, with the unemployment rate staying at 4.2%.
Also Read: Bitcoin Price to Crash Amid US-China Talks, CPI and PPI Jitters?
