Bitcoin's price has surged above $18,000 for the first time in two months ahead of the CPI release.
Popular analyst Michael van de Poppe anticipates that the CPI for December will be 6.6% or 6.7%.
Michael further noted that the crypto market may witness a correction, before continuing its rally.
in the United States is expected to fall to 6.5%. In contrast, crypto analyst Michael van de Poppe anticipates a Bitcoin rally following the release of CPI data.
The crypto market has already recovered as traders eagerly waiting for the release of the Consumer Price Index (CPI) for December by the US Bureau of Labor Statistics. The move comes after Wall Street banks and crypto analysts predicted that inflation would drop in December.
Bitcoin's price has surged above $18,000 for the first time in two months. The low and high for the day are $17,337 and $18,268, respectively. Meanwhile, Ethereum has gained 5% in the last 24 hours, hitting a high of $1,416.
Popular analyst Michael van de Poppe shared his predictions for the crypto market in a tweet on January 12 as Wall Street experts predicted a reduction in the CPI.
As per consensus, annual inflation in the United States likely slowed for the sixth consecutive month in December to 6.5%. It is the lowest level since October 20, 2021. In November, the CPI fell to 7.1%.
Michael van de Poppe believes the CPI will continue to fall, but that the massive reduction predicted by other analysts is unlikely. crypto bill he anticipates that the CPI will be 6.6% or 6.7%. Following that, the crypto market may witness a correction, before continuing its rally.
On January 11, he stated that Bitcoin needs to maintain a price of roughly $17.3K, which it achieved. As a result, Bitcoin "will most likely continue to rise toward $18.5K."
The CPI was predicted to fall in December, according to Wall Street analysts. Economists blamed the slowdown on decreased energy prices in December. From November to December, gasoline prices fell by approximately 12%.
CIBC, Wells Fargo, and Nomura forecast 6.3% inflation, while Barclays, Bank of America, JPMorgan, Morgan Stanley, and Goldman Sachs forecast 6.4%. Meanwhile, TD Securities, Citi, Credit Suisse, and BMO predict a 6.5% CPI in December.
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