The largest cryptocurrency by market capitalization, Bitcoin, extended its winning streak to nine days and hit an intraday high of almost $18,078. The second-most valuable cryptocurrency, Ethereum, rose over 4% to $1,384 as a result of the increase in Bitcoin.
In a recent tweet, Bitcoin critic Peter Schiff requested Bitcoin hodlers to sell before the release of the CPI data, suggesting that a rise in the price of Bitcoin beyond $18,000 would be a great time to sell their holdings.
“Bitcoin is trading above $18K, its highest level in 3 weeks, an excellent opportunity for HOLDers to sell ahead of the release of the Dec. CPI. Gold is only up $10, trading at an 8-month high. While Bitcoin has already broken down, gold has broken out. Time to drop Bitcoin,” Schiff wrote in a tweet.
Cantering Clark, a pseudonymous crypto expert, noted in a tweet that BTC and CPI now have an intriguing relationship.
He wrote, “The way I see it, maybe CPI offers a better entry, but if not and we pop up further, I think it is enough to say momentum and trend systems will begin to shift heavily.That 20 week moving average is really important to me.Big ships turn slowly.”
Some cryptocurrency analysts are still unsure about what to make of the CPI figures, though. CryptoGodJohn advised market participants to be cautious when using the “bull posting.” While acknowledging that inflation may push BTC up to $19–$20k, he pointed out that if expectations are off, traders may suffer significant losses.
In December 2022 (from 7.1% in November), inflation in the US is predicted to have dropped for the sixth consecutive month, reaching 6.5%, its lowest level since October 2021.
The CPI is anticipated to level out in the upcoming months after climbing for four straight months and by 0.1% in November.
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