The year 2023 appears to have activated the bulls as the crypto markets print more green candles. Bitcoin price has been recording bullish closes every day since the start of 2023, including a couple of corrections, that have outspread the bullish wave within the crypto space. Moreover, now that the prices have inflated above $18,000, the market participants now wait for the star crypto to reach beyond $20,000.
While many analysts believe that the upswing could prevail for another couple of months, some of the indicators point toward the dreadful days approaching fast.
A top analyst Peter Brandtt believes that Bitcoin price may not undergo a steep upswing from now. Maintaining an ascending consolidation, the BTC price may rise high in the coming days and re-test the ATH levels in the later 2023 to early 2024.
The analyst believes that the Bitcoin price is following the X-advances multiple times, due to which the upcoming trend of the token is predictable. He referees to the gigantic upswing after an extended consolidation for months which is followed by an 80% correction prior to the next ATH. Hence, believes the next ATH could be very near.
“Bitcoin has been very predictable with multiple X advances followed by 80% declines and multi-quarter consolidations prior to new ATHs and then another multiple X advance. I do not expect Bitcoin to run away to the upside, but rather work higher toward late 2023/ early to mid-2024 when ATHs are rested,”
Besides, the fresh CPI rates are expected to be let out shortly which may impact the crypto and the traditional finance markets. Previously in December 2022, the CPI rates were slashed from 7.7% to 7.1% due to which the BTC price rose by 1.7% in the next 5 minutes of the announcement and recorded nearly 4.36% growth in the next 24 hours.
Now when the fresh CPI rates are believed to be lower again from 7% to 6.5%, Bitcoin (BTC) is expected to receive a push beyond $19,000. Conversely, if the rates come out anything above 6.5% may invite the bears to act wisely.