According to the latest article from 10x Research, the US economy is slowing down, which is a good thing for now. GDP is just above 1%, the ISM manufacturing index has been in contraction for several consecutive months, and the employment situation has continued to be weak, which harms consumer spending.
Last night, another key and forward-looking employment indicator, “job vacancies”, slowed down significantly, all of which will lead to a decline in inflation.
This Friday we will get more job data, a weaker surprise could lead to a rate cut, and next week we will get the CPI inflation report. If the CPI is up 3.3% year-over-year or less, it could push Bitcoin to new all-time highs.
A close triggered by a drop in US employment or inflation will undoubtedly set a new all-time high between this Friday and next Wednesday. Therefore, we expect Bitcoin to set a new all-time high (>73,500) by the end of next week.
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