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Analyst: Bitcoin's Near-Term Outlook May Depend on US Economic Data
Summary: According to sources, XS.com market analyst Linh Tran stated that the near-term outlook for Bitcoin will largely depend on upcoming US economic data, including preliminary GDP and core personal consumption expenditure inflation. If the data continues to show a slowing US economy and easing inflation, the Federal Reserve will have more reason to start a ...
According to sources, XS.com market analyst Linh Tran stated that the near-term outlook for Bitcoin will largely depend on upcoming US economic data, including preliminary GDP and core personal consumption expenditure inflation. If the data continues to show a slowing US economy and easing inflation, the Federal Reserve will have more reason to start a rate-cutting cycle.
This scenario would create a liquidity-rich environment, favorable for Bitcoin's recovery, Tran said. However, Tran added that if the data unexpectedly heats up, investors may maintain a defensive stance, prolonging short-term pullbacks.
