Trenchev: If This Happens, We Could See $35,000 Soon

Bitcoin remained above the $30,000 level after the release of the US jobs report, while expectations for more rate hikes this year persist. However, Bitcoin bulls have managed to defend the $30,000 support level, which has been tested several times in recent days.

In an interview with Nexo co-founder Antoni Trenchev, a prominent cryptocurrency advocate, commented on the employment report and its implications for BTC. Trenchev said wage growth and the unemployment rate could worry hawkish members of the Fed, which could press for more rate hikes this year.

Trenchev said that when it comes to raising interest rates, it means that we are not out of danger and added:

However, even in the face of hawkish news, BTC bulls kept their courage and stance.

Trenchev added that BTC needs a fundamental catalyst to break its course in the current range, as it is unlikely to exceed the 13-month mark due to the employment report alone. He said the next major event for Bitcoin will be the release of June consumer price index (CPI) data next week, which will provide another measure of inflation.

Trenchev said that if the CPI data comes out lower than expected, Bitcoin could potentially reach $35,000, adding:

However, a higher CPI could cause Bitcoin to drop below $30,000 as investors withdraw some funds from the crypto market.