Bitcoin Moves Sideways as it Awaits Boost from CPI Report
Bitcoin's near future hangs in balance with CPI report and predictions of a rise to $150,000 amid mixed current performance and market expectations.
Bitcoin supporters hope for good news from the upcoming Consumer Price Index (CPI) report. This report could give clues about the economy's health and possibly help Bitcoin's price.
Despite a recent rise, Bitcoin is struggling to keep up its momentum. It's currently priced at $36,436, with mixed performance over the past week.
Economists predict a slight drop in October's CPI compared to September. The core CPI (excluding food and energy) is expected to stay the same. These numbers are still below the Federal Reserve's 2% target, meaning interest rate hikes might continue. However, a favorable CPI could help Bitcoin.
Critics like Peter Schiff warn of a possible Bitcoin crash, while others remain optimistic. Some predict a significant rise in Bitcoin's value, especially with events like the Bitcoin halving in April next year and the potential approval of a spot Bitcoin ETF.
Bernstein, an asset management firm, predicts Bitcoin could reach $150,000 by 2025 due to these factors. They also expect a spot Bitcoin ETF approval by early next year.
