- Matthew Dixon said CPI’s outcome could affect Bitcoin today.
- The crypto market is about to lose the $1 trillion cap as BTC and ETH trade in the red.
- Crypto traders bought and sold over $550M Solana in the past 24 hours.
Matthew Dixon, the CEO of Evai, a leading AI crypto rating platform, claimed today was Consumer Price Index (CPI)’s day and that its outcome could affect the price of Bitcoin (BTC). Dixon believes that if the CPI is lower than expected, it could push the price of BTC higher in a 5th wave of an Elliott Wave pattern, which is a technical analysis tool.
However, the Evai CEO warned that BTC may have already completed a 5-wave down pattern, which means Bitcoin price could continue to decline. Dixon advised against trading based on news, adding that he watches the US Dollar Index (DXY) to guide his decision-making.
According to data from the market tracking website, CoinMarketCap, the global crypto market is about to lose the one trillion dollar cap as significant cryptocurrencies such as Bitcoin and Ethereum (ETH) are experiencing successive declines in the past weeks.
BTC and ETH declined by 5.1% and 8.2%, respectively, over the last seven days, while the Binance Coin (BNB) took a double-digit hit through the same period.
In a separate tweet, the CEO of Evai expressed that the price decline of the Solana (SOL) coin was due to increased trading volume, but the CPI news could change the dynamics.
CoinMarketCap data showed that crypto traders bought and sold over half a billion dollars worth of Solana in the past 24 hours. Interestingly, the current figure is, in fact, 30% lower than what was obtainable in the previous 24 hours.