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Crypto Analyst Warns to Remain Cautious on Bitcoin as Inflation Data Puts Pressure on BTC CryptoBlog

A leading crypto analyst is warning followers of possible Bitcoin (BTC) pitfalls as inflation data puts pressure on the king of crypto.

In a new strategy session, crypto trader Benjamin Cowen recount its 768,000 YouTube subscribers that underlying inflation is accelerating.

“When it comes to bitcoin, because I know most people are interested in this chain and crypto in general because that’s what I talk about the most, you can see he doesn’t like not the news either.I’ve spent so much time trying to figure out if we’re in that phase where we’re kind of setting lower highs, or if we’re in that phase where the bottom is already in place and we’re kind of going back up slowly.

A lot of people think we are [in both places]. It depends on where you measure the top. I think it makes sense to stay on the safe side, as I said before. I think it makes sense to remain cautious, especially in the macroeconomic conditions we already find ourselves in.

We’ll see what happens over the next few weeks as the market really starts to integrate. Hundred basis point rate hike, although I don’t think that’s the most likely scenario, markets are now saying that’s at least something to consider . We will find out soon enough.

BTC is trading at $20,390 at the time of writing, down nearly 9% in the past 24 hours.

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