In a post on X, MN Fund chief investment officer Michael van de Poppe said Bitcoin’s price could rally to $90,000 after the expected CLARITY Act markup in the Senate tomorrow.
Bitcoin (BTC) climbed back above $81,000 on Wednesday morning after core inflation came in higher than Wall Street expected, but traders are now turning their attention to the producer price index (PPI) report due later today and the Senate’s CLARITY Act markup on Thursday.
“This can literally go both ways,” said MN Fund founder and chief investment officer Micahel van de Poppe in a post on X. “If this continues to grind upwards, with the upcoming CLARITY Act tomorrow, I would assume we might see a fast to $90K in a matter of days for Bitcoin.”
Source; @CryptoMichNL/X
Bitcoin’s price edged 0.6% higher in the last 24 hours to around $81,800. Retail sentiment around the apex cryptocurrency remained in ‘neutral’ territory over the past day, accompanied by ‘normal’ levels of chatter.
How Are Retail Traders Feeling About Bitcoin?
Some traders on the platform felt that the direction of Bitcoin’s price today would most likely be determined by the PPI report due later today, with one user stating that, given the hotter-than-expected consumer price index (CPI) data on Tuesday, PPI data will likely erase all gains.
Other retail traders anticipated that Robinhood (HOOD), Strategy (MSTR), CleanSpark (CLSK), and other crypto-linked equities were likely to rally alongside a surge in Bitcoin’s price.
An ongoing poll on Stocktwits showed that nearly 49% of respondents believe that the Senate Banking Committee’s bill will pass both the Senate and the House. However, at least one-third feel that “nothing meaningful” will come out of it.
Results of an ongoing Stocktwits poll asking traders whether the CLARITY Act will be able to clear both the Senate and the House on May 13 as of 6:25 a.m. ET | Source: StocktwitsBitcoin Stays Above $81K After Hot CPI Reading
Matt Mena, crypto research strategist at 21Shares, told The Wall Street Journal that Bitcoin’s ability to remain above key support despite hotter inflation data could point to underlying market strength.
“The fact that BTC has not broken down on this print is arguably more telling than the number itself,” Mena stated. “The market was positioned for hot inflation, absorbed it, and is still sitting above the $80K support level.”
Mena added that if macro pressure continues easing, Bitcoin could retest resistance around $82,000 before making a push toward $85,000. He also pointed to the upcoming Senate vote on the CLARITY Act as a potential catalyst that could support a move toward $90,000.
Dogecoin, XRP And Ethereum Outperform Bitcoin
The overall cryptocurrency market moved 0.5% higher in the last 24 hours, holding just under $2.8 trillion. CoinGlass data showed $234 million liquidations over the past day, with long bets accounting for over $165 million.
Dogecoin (DOGE) and Binance Coin (BNB) led gains among the top 10 cryptocurrencies by market capitalization. Ethereum (ETH) and Ripple’s XRP (XRP) also outperformed Bitcoin.
DOGE’s price rose over 4% in the last 24 hours to around $0.114, while BNB’s price gained 3.5% to around $85. ETH’s price climbed back above $2,300, rising 1.3% in the last 24 hours and XRP’s price edged 0.8% higher to around $1.47.
Retail sentiment on Stocktwits around Dogecoin and XRP trended in the ‘bullish’ zone over the past day, while sentiment around BNB and Ethereum remained in ‘bearish’ territory.
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