A Crucial Time For Bitcoin Price Ahead Of CPI Report!

The crypto space is curiously waiting for the Consumer Price Index (CPI) data which is scheduled to be released today, Jan 12 2023. The crypto market sentiment ahead of CPI release seems to be quite positive as the world’s largest cryptocurrency by market cap, Bitcoin has surged beyond $18,000 levels. Bitcoin price rally has influenced other currencies like Ethereum, XRP, Cardano, Solana among other altcoins.

At the time of publication, Bitcoin is selling at $18,237 after a rise of 4.61% over the last 24hrs.

Meanwhile, most of the industry experts are of the opinion that today’s CPI data will have a positive impact on the crypto market. One of the well-known crypto analysts, Michael van de Poppe claims that the CPI for December will most probably fall around 6.5% from last month’s 7.1%. However, Van de Poppe also warns that the crypto market may witness some corrections before the bulls are back.

CPI will most likely drop further this time, however, expectations are relatively low.
6.5% from 7.3% past month, which is a giant drop. Reality gave 7.1% last month, so it’s 0.6%, but still.
Probably comes in at 6.6% or so, and markets are correct before continuing the rally.
— Michaël van de Poppe (@CryptoMichNL) January 12, 2023

Bitcoin Price To Hit ABove $19k ?

Also the reports, in December the annual inflation rate in the US has plunged to 6.5% which is the lowest since October 2021. As per Michael van de Poppe’s earlier claim he had predicted that if Bitcoin holds on to $17.3k, there will be a bull run. Hence, as the King currency has moved beyond the said target, BTC might move past $18.5K.

On the other hand, it’s just not crypto experts, even Wall Street banks and Economists have portrayed their bullish stance towards a fall in CPI data for December. The reason for their positive approach is the reduced energy price seen during December for example, Gasoline which has dropped by 12% from November to December.

However, today’s Bitcoin price movement is mostly dependent on today’s CPI report which could either make or break its movement towards $19k. The same is predicted by Altcoin Sherpa where he claims that after CPI data is out Bitcoin might be pulled down towards $16,800.

$BTC: Let’s see if this pulls back here; if it does, I would target $16.8kish. It’s the EQ of the range; there are lots of EMAs around there that should provide some support, etc. I do think that this is still going to the high 18ks/19ks before the run is over. #Bitcoin #BTC pic.twitter.com/uOknoURQia
— Altcoin Sherpa (@AltcoinSherpa) January 11, 2023

Hence, it’s important for traders and investors to wait for the CPI report before making any further decision.

Source: https://coinpedia.org/bitcoin/a-crucial-time-for-bitcoin-ahead-of-cpi-report-will-btc-price-hit-19k/