Main Highlights:
- Bitcoin price could drop to the $100,000–$104,000 range before climbing to new highs.
- June 11 CPI data may cause market volatility, as rising inflation could negatively impact Bitcoin.
- BTC is developing bullish cup-and-handle and bull flag patterns, aiming for a $140,000 target.
Following last week’s volatility sparked by the Trump-Musk public fallout, Bitcoin has settled into a range between $103,800 and $106,900 over the past three days.
With BTC showing no clear directional trend on the daily chart, analysts expect the price to dip lower before making a push toward new all-time highs.
Could CPI data trigger Bitcoin’s next correction?
The US Consumer Price Index (CPI) report is scheduled for June 11, with concerns that Trump’s tariffs may be driving prices higher.
Market analysts expect the US CPI to rise by 0.3% month-over-month and 2.3% year-over-year. Core CPI, which excludes food and energy, is projected to increase 0.3% month-over-month and 2.9% year-over-year.
A higher-than-expected inflation reading could reduce the chances of Federal Reserve rate cuts, potentially creating downward pressure on Bitcoin’s price.
“Inflation data in the week ahead could unleash volatility,” noted private wealth manager Swissblock in a June 9 post on X.
Swissblock analysts added that while Bitcoin bulls are “slowly rebuilding structure and regrouping,” a “short-term test of the lower range around $104,000 looks likely.”
Popular analyst Mickybull Crypto echoed similar views, highlighting the formation of a head-and-shoulders pattern on Bitcoin’s daily chart, which suggests a potential drop to $101,500. The analyst noted:
“Short-term correction, then new all-time highs.”
Bitcoin Bulls Maintain Control
Other Bitcoin analysts believe any price pullback will be short-lived, as the asset’s long-term bullish trend remains strong on higher timeframes.
“Bitcoin hasn’t shown weakness since reclaiming its bull market support band,” noted popular trader Daan Crypto Trades in a June 8 post on X, adding:
“Overall, the high time frame trend still remains very clean.”
According to the trader, it’s crucial for Bitcoin to maintain support above the bull market support band, currently around $95,000. “The uptrend has lasted over 900 days now, which is typically when caution becomes more important,” he noted.
Technical analyst SuperBro echoed this bullish outlook, pointing out that Bitcoin has stayed above its highest weekly close from 2021 for four straight weeks and hasn’t fallen below the 5-week EMA since early May — clear signs that bulls remain firmly in control.
“Once it breaks the trendline from 2021, the next leg up should quickly reach $140-150K”
Bitcoin Indicators Point to Potential Rally Toward $140K
From a technical standpoint, the BTC/USD pair is forming both a cup-and-handle and a bull flag pattern on the weekly chart—both signaling strong bullish potential.
In the cup-and-handle setup, Bitcoin appears poised for a breakout above the $109,000 neckline, with a projected target around $143,000—suggesting a possible 35% upside.
The bull flag pattern, meanwhile, points to a potential breakout toward $143,300, as illustrated in the chart below.
A rally to $140,000 for Bitcoin appears plausible, supported by a combination of fundamental, on-chain, and technical indicators.
