Bitcoin echoes 2022 bottom, with $71,000 in play if $80,000 breaks

Bitcoin’s current pattern resembles the late-2022 setup that preceded its last bull run more closely than the market conditions before the dot-com crash, although a break below $80,000 could trigger a drop toward $71,000-$72,000. Bitcoin analyst Joe Consorti said in an Oct. 15 video that the cryptocurrency’s price action and the broader macroeconomic backdrop suggest “there is a real chance this bull market has already begun.” September consumer prices rose 3.7%, above the 3.6% forecast, while core inflation reached 2.6%, versus expectations of 2.5%. Inflation has now remained above the Federal Reserve’s 2% target for 67 consecutive months, and the probability of another rate increase at the Fed’s Oct. 27-28 meeting climbed to 35%. Energy was the main source of the latest inflation pressure.

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