The largest cryptocurrency by market cap, Bitcoin, extended its winning streak to nine days, hitting an intraday high of nearly $18,078. The second most valuable cryptocurrency, Ethereum, rose over 4% to $1,384 on the back of Bitcoin’s surge.
In a recent tweet, bitcoin critic Peter Schiff urged bitcoin hodlers to sell ahead of the CPI data release, suggesting that if bitcoin price surges above $18,000, it would be a great time to liquidate their holdings for sale.
#Bitcoin is trading above $18,000, its highest level in 3 weeks, an excellent opportunity for #HOLDers to sell ahead of December’s #CPI release. #Gold is up just $10 and is trading at an 8-month high. While Bitcoin has already collapsed, Gold has broken out. Time to drop bitcoin.
— Peter Schiff (@PeterSchiff) January 12, 2023
“Bitcoin is trading above $18,000, the highest in 3 weeks, an excellent opportunity for HOLDERS to sell ahead of the Dec CPI release. Gold is up just $10 and is trading at an 8-month high. While Bitcoin has already collapsed, Gold has broken out. Time to dump Bitcoin,” Schiff wrote in a tweet.
Cantering Clark, a pseudonymous crypto expert, noted in a tweet that BTC and CPI now have an intriguing relationship.
He wrote: “The way I see it, CPI might offer a better entry, but if not and we keep surfacing, I think suffice it to say momentum and trending systems will start to shift sharply. That 20-week moving average is really important to me. Big ships turn slowly.”
However, some cryptocurrency analysts are still unsure what to make of the CPI numbers. CryptoGodJohn advised market participants to be cautious when using “bull posting”. While acknowledging that inflation could push BTC to $19,000-$20,000, he cautioned that traders could incur significant losses if expectations are not met.
In December 2022 (from 7.1% in November), US inflation is forecast to have fallen for the sixth straight month, reaching 6.5%, its lowest level since October 2021.
The CPI is expected to level off in the coming months after rising 0.1% for four straight months and in November.
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