Bitcoin Price Prediction: CPI Bear Trap Puts $85K in Play

A rate hike was already priced in by market participants, and today’s inflation report just confirmed what analysts already knew and expected.

If this short squeeze continues, the price could easily retest the upper bound of the flag at $80,000 during the weekend.

We need BTC to break past that ceiling to keep rallying to $85,000, which has been our short-term target for the token for a while. Meanwhile, the mid-term target for BTC continues to be $100,000.

The only thing that would change the direction of this prediction would be a break below the 200-day exponential moving average (EMA), as that would mean that bears are once again in control of the price action.