Interestingly, the crypto space awaits the Consumer Price Index (CPI) data to be released today, January 12, 2023. Crypto market sentiment ahead of the CPI release appears to be quite positive as Bitcoin is the largest cryptocurrency. largest in the world by market capitalization. it has surged past the $18,000 levels. The Bitcoin price rally has influenced other coins such as Ethereum, XRP, Cardano, Solana, among other altcoins.
At press time, Bitcoin is selling for $18,237 after rising 4.61% over the past 24 hours.
Meanwhile, most industry experts are of the opinion that today’s CPI data will have a positive impact on the crypto market. One of the best-known cryptanalysts, Michael van de Poppe, says that December CPI will likely fall to around 6.5% from 7.1% last month. However, Van de Poppe also warns that the crypto market may experience some corrections before the bulls return.
Most likely, the CPI will fall further this time, however, expectations are relatively low.
6.5% from 7.3% last month, which is a giant drop. Reality gave 7.1% last month, so it’s 0.6%, but still.
It probably goes to 6.6% or so, and the markets are correct before continuing to rally.
—Michael van de Poppe (@CryptoMichNL) January 12, 2023
Will the Bitcoin price exceed $19k?
Also reports, in December, the annual inflation rate in the US plummeted to 6.5%, which is the lowest since October 2021. According to Michael van de Poppe’s earlier claim, he had predicted that if Bitcoin holds $17.3k, there will be a lockdown. Therefore, as the King coin has moved beyond said target, BTC could break above $18.5K.
On the other hand, it’s just not the crypto experts, even Wall Street banks and economists have shown their bullish stance towards a drop in CPI data for December. The reason for his positive approach is the reduction in the price of energy that was observed during December, for example, gasoline, which fell by 12% from November to December.
However, Bitcoin’s price movement today is mostly dependent on today’s CPI report, which could make or break its move towards $19k. The same is predicted by Altcoin Sherpa, where he claims that after the CPI data is released, Bitcoin could drop to $16,800.
$BTC: Let’s see if this goes this way; if it does, I’d aim for $16.8kish. It is the EQ of the range; there are many EMAs out there that should provide some support etc. I think this is still going to the high 18ks/19ks before the race is over. #Bitcoin #BTC pic.twitter.com/uOknoURQia
— Altcoin Sherpa (@AltcoinSherpa) January 11, 2023
Therefore, it is important that traders and investors wait for the CPI report before making any further decisions.
This post Crucial moment for Bitcoin price ahead of CPI report!
was published first on https://coinpedia.org/bitcoin/a-crucial-time-for-bitcoin-ahead-of-cpi-report-will-btc-price-hit-19k/