Michael van de Poppe, bitcoin announced that it is examining two macroeconomic catalysts for its price to skyrocket to $30,000. The analyst underlined that in addition to the rising price in recent days, the potential is high.
We’ve seen a relief rally and it looks likely to continue. The main reason for this rally is the better-than-expected inflation and lower price hikes. If the relief continues, the price could rise as high as $30,000.
NEWS CONTINUES BELOW
Bitcoin is currently trading around $17,400. If Van de Poppe’s prediction comes true, the price will have increased by 70%.
In the USA, the Federal Reserve started to increase interest rates to control high inflation. The rate, which was between 0-0.25% before the rate hikes, increased to 4.25-4.5%.
This detail is critical as investors have to pay more in borrowing costs to finance new investments. The high interest rate environment has typically created a dip for risky assets like Bitcoin and crypto. However, a relaxation in the Fed’s tight monetary policies is likely to trigger the flow of money to risky assets.
Van de Poppe also awaits the US CPI data, which will be released on January 12. Investors are keeping a close eye on CPI data to see if inflation pulls back as it could put pressure on the Federal Reserve to reconsider its hawkish stance.
Taking a closer look at Bitcoin, Van de Poppe explained that the bulls are waiting for a pullback before breaking the resistance around $17,500.
Bitcoin continued to rally but encountered some resistance. I doubt we’ll ever get past this place in one go. It takes a very strong move to do this, otherwise we may see a slight decline. The $17,350 level must be clear for the exit to be clear.
