Bitcoin » Bulls regain control and push price above $17,000
The bulls regain control and push the price above $17,000
- Bitcoin bulls take a turn in sentiment at the start of the new year.
- The price of Bitcoin continues to rise in small increments as the stock absorbs most of the money currently available.
- If this rally continues and US inflation sees another drop on Thursday, expect Bitcoin to reach $19,000 by the end of the week.
Bitcoin (BTC) price is already up more than 4% year-to-date as the bulls are back on the scene after a long hiatus. Bitcoin doesn’t bounce as violently as seen in its smaller cousin, Cardano (ISLAND) due to its broad and general correlation with other asset classes in financial markets. With massive bond buying and the US dollar showing no signs of weakening or strengthening in one direction, traders feel confident putting their money into a single asset or asset class.
Btcoin Price Will Rise 10% As Rally Slope Occurs As Expected
Bitcoin is already performing much better than most of the 2022 sessions. Now it can print multiple winning streaks with small and limited loss for one trading day. This suggests bulls are taking the reins, with growing belief that a Goldilocks scenario is on the way. With several economic indicators and deteriorating data, this helps riskier assets such as stocks and cryptocurrencies.
Bitcoin should be closely watched on Thursday as US inflation numbers are set to be released. The belief is that this number will be less than before and should support the bulls in the trade. Low headline inflation means the Fed could start to slow or even cut rates leading to a massive rally that could last weeks or months into 2023. Post inflation by the end of this week and a 10% profit in the process.
Bitcoin (BTC/USD) daily chart
The downside risk comes with the caveat that we are in trouble several times in 2022, an event type. buying a rumor – selling the news. With inflation currently at 7.1%, the market consensus expects a release of 6.5% on Thursday, with a low of 6.3%. This means that if the price of Bitcoin wants to rise, the real print must be below 6.3%, as anything else will see this rally take profits and the price of Bitcoin will fall to $16,500.
By Philip Lagaert, FXStreet
Former Forex dealer/trader, Trade Execution Specialist at ING.
The views and opinions expressed herein are solely those of the author and do not reflect those of Forex Quebec. Every investment and trading action involves risk, you should do your own research when making a decision.
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