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What Does US PPI Data Predict for Bitcoin Price?

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US March CPI data was announced on April 12. With today’s core PPI data coming in at 0.5%, below market expectations, how is Bitcoin price reacting? Let’s answer…

US PPI data announced

The seasonally adjusted final demand Producer Price Index (PPI) fell 0.5% in March, according to the report released today by the US Bureau of Labor Statistics. On an annual basis, March PPI inflation increased by 2.7%, despite the 3% increase expectation. In February, annual PPI increase was determined as 4.9%. The seasonally adjusted Consumer Price Index rose 0.1% in March, compared to a 0.4% increase in February.

Bitcoin price reaction after US PPI data

In light of these news, the crypto market reacted positively, with the Bitcoin price increasing by 1.45% over the past few minutes. Bitcoin price strengthens in the $30,000 region, while Ethereum price climbs to $2,000 with a 5% gain leading the day.

What does inflation data mean for Bitcoin price?

Following the release of the week’s US Consumer Price Index (CPI) and PPI data, it was seen that the price of Bitcoin reacted very positively to the macroeconomics. Also, the crypto’s biggest rival, the US Dollar Index (DXY), is falling and currently hovering around 100.90. This, in turn, pushed Bitcoin’s price even higher, causing it to retest above $30,000.

What’s more, experts are raising the bar with the core PPI coming in at -0.5% and outperforming market expectations. Michael van de Poppe saw the data as positive given inflationary expectations and a possible recession from the Fed. He also thinks that this confirms Bitcoin’s current price volatility and that its upward trajectory will continue.

Is Bitcoin price on its way to ATH?

Analysts are already discussing the halving cycle of 2024, considering that the Bitcoin to US Dollar exchange rate has increased by more than 70% in 2023 and has come a long way from the $15,600 bottom it reached in November 2022. The next “halving”, which is planned to reduce the amount of Bitcoin that miners “mined” per block from 6.25 Bitcoins to 3,125 Bitcoins, will reflect an emissions reduction exactly like the others that have come before it.

In previous halving cycles – it happened on July 9, 2016. Bitcoin price rose from $269.14 to $651.83, gaining 142% over the previous 12 months. According to figures from CCData, the first halving on November 28, 2012 shows that the price of Bitcoin rose 384% from $2.55 to $12.35.

Bitcoin price tends to rise further in the months following halving cycles. According to CCData, after the halving on May 11, 2020, it rallied 688.31% in the following 546 days and then hit a record high of $67,549.14 on November 8, 2021. cryptocoin.com In this article, we have included analysts’ short-term technical price predictions.

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