Bitcoin Price Prediction as US Inflation CPI Data is Released – BTC to the Moon?
Bitcoin price prediction has turned bullish, with BTC surging more than 5% to the $18,000 level following the release of lower-than-expected US CPI figures. Inflation in the United States slowed to 0.1% from 0.4% in October, a positive development for the Federal Reserve's efforts to rein in the economy's runaway cost of living.
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-scary consumer price increases it revealed.
The US analysts had predicted an annual increase of 7.3% for the CPI, but Tuesday's report from the Labor Department showed an increase of 7.1%.
Given the weaker-than-expected CPI figures, Bitcoin has risen on speculation that the Fed may reconsider raising interest rates tomorrow.
The number of users holding between 10 and 1000 Bitcoin has recently increased significantly. BTC also experienced significant volatility, owing primarily to recent events. Retail investors continue to buy bitcoin, with three million already in their possession, while whale accumulation is declining.
Santiment, a market intelligence platform, tweeted on December 11 about a significant increase in the number of Bitcoin addresses holding 10 to 1000 BTC.
According to statistics, 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. In related news, Glassnode Alerts, a blockchain intelligence platform, reported that the total number of BTC addresses holding one or more Bitcoin had surpassed 964,608.
These exposures might be a significant factor in the upward price trend of BTC/USD.
Despite a collapse in the price of numerous coins in 2022, New York City
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