Bitcoin Price Prediction as US Inflation CPI Data is Released – BTC to the Moon?
The recent release of better-than-expected US inflation figures has led to a surge in the price of Bitcoin, with the digital currency reaching a level of $18,000. This increase in value is attributed to the Federal Reserve’s ongoing efforts to manage the economy.
The report boosted cryptocurrency prices in hopes that the Federal Reserve will slow the pace of interest rate hikes in light of the less-than-expected consumer price increases.
The US analysts had predicted an increase of 7.3% for the CPI, but Tuesday’s report from the Labor Department showed an increase of 7.1%. Crypto prices rallied instantly in response to the news.
Retailers are Buying Bitcoin
Santiment, a market intelligence platform, tweeted on December 11 about a significant increase in the number of Bitcoin addresses holding 10 to 1000 BTC.
🐳🦈 There are now 151,080 addresses that hold between 10 to 1,000 $BTC. After a massive decline that began in December, 2020, these addresses have increased significantly throughout 2022 as #Bitcoin has progressively become more affordable. https://t.co/5rdAno5SKy pic.twitter.com/uahECloHyR— Santiment (@santimentfeed) December 11, 2022
According to the data, the number of addresses increased to around 151,000, a level last seen in 2020. The graph also showed a sharp drop after the peak in 2020.
NYC Mayor Upholds Pledge to Bitcoin
Despite a collapse in the price of numerous coins in 2022, New York City Mayor Eric Adams has reportedly maintained a campaign pledge to transform the city into a crypto hub.
Adams stated in a December 12 Slate post that he still wants New York City to be the “center of the cryptocurrency industry,” as he promised during his mayoral campaign in November 2021.
According to reports, in January and February, the mayor of New York converted his first of three paychecks while in office into Bitcoin and Ether. Mayor Adams wants to see New York thrive in terms of innovation and economic growth, and he believes that cryptocurrencies, blockchain, and other cutting-edge technology provide tremendous opportunities for both.
During Eric Adams’ tenure, the New York state government approved legislation prohibiting non-renewable proof-of-work mining for two years, and the crypto market began to fall. Furthermore, it appears that the failure of the cryptocurrency exchange FTX has prompted state officials and politicians to intervene.
For instance, New York Attorney General Letitia James proposed that some retirement plans be barred from accepting cryptocurrency investments.
Fed Interest Rate Hike
On December 14, US Federal Reserve Chair Jerome Powell will announce the upcoming interest rate hike level. This event will impact prices of both equities and crypto markets so it is worth keeping an eye on.
Two main events next week:— WSB Chairman Crypto (@WSB__Chairman) December 8, 2022
🇺🇸 US CPI: Dec 13, 2022
🇺🇸 FOMC Meeting: December 14, 2022 pic.twitter.com/XtH3t4qx30
A rate hike above 50 basis points will likely lead to large sell-offs across the board. Anything lower may see prices rallying.
Bitcoin’s current price is $17,866, and the 24-hour trading volume is $25 billion. The BTC price has pumped over 5% since yesterday.
Bitcoin is currently trading in an upward trend, and it has broken through a key resistance level at $17,350. This indicates that the buying trend may continue.
Leading technical indicators such as the relative strength index (RSI) and the moving average convergence divergence (MACD) are currently in buying territory, suggesting that the price of BTC may continue to rise. The next major resistance level for Bitcoin is at $18,125, and a break above this level could lead to further gains and a potential price of $18,600.
The level of $17,350 may serve as support for the price of BTC on the downside. This level has previously acted as a barrier, and it is likely to keep the price of BTC in a bullish trend. However, a bearish crossover below this level could lead to a drop in the price of BTC to the $16,850 level.
Dash 2 Trade (D2T) – Presale in the final stage
Running on the Ethereum blockchain, Dash 2 Trade is a trading intelligence platform that offers investors real-time analytics and social trading dat, helping them to arrive at more informed trading decisions. It’s set to launch in early 2023, with its D2T token being used to pay for the monthly subscription fees to its platform (there are two subscription tiers).
Now in its fourth and final stage, Dash 2 Trade’s presale has already raised more than $9.6 million, while also announcing listings on Uniswap, BitMart and LBANK Exchange for the New Year.
Calvaria (RIA) is a blockchain-based game in which players can collect, trade and do battle with NFT-based cards. A play-to-earn game, it also has the distinction of enabling users to play it without holding any cryptocurrency, something which could open it up to a wider audience.
RIA will be used within its ecosystem for purchasing in-game items and for staking, giving it a strong use case. The presale for the token has raised just over $2.4 million and is currently in its fifth stage, which happens to be its final stage.
Visit Calvaria Now
Another Ethereum-based platform, RobotEra (TARO) is a Sandbox-style Metaverse that will enable gamers to play as robots and participate in the creation of its virtual world. This includes creating NFT-based land, buildings, and other in-game items, while the game also has the aim of letting players link up with other metaverses and create an interoperable multi-verse.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale. It has already raised over half a million dollars.
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