Popular cryptocurrency analyst Michael van de Poppe says he is looking at two macroeconomic catalysts that could cause Bitcoin (BTC) to surge to $30,000.
crypto strategist To tell His 664,200 Twitter followers tell us that Bitcoin has been grinding lately and that there is a big backlash to the card.
“Recently, the possibility of a relief rally has increased and it looks good.
All should be accelerated by lower-than-expected inflation and a possible pause in rate hikes.
This will bring Bitcoin to relief around $30,000. ”
Bitcoin is trading at $17,435 at the time of writing. A move towards Van de Poppe’s target suggests BTC could rise by more than 72%.
To combat high inflation, the Federal Reserve hiked interest rates multiple times last year, pushing the Fed Funds rate from 0% to 0.25% in January 2022 to 4.25% to 4.50% by December. pulled up in between.
A high interest rate environment is usually bearish for risk assets such as Bitcoin and cryptocurrencies as investors have to pay higher borrowing costs to fund new investments.
On the other hand, a reversal of the Fed’s tightening monetary policy could trigger an influx of investment into risky assets.
Van de Poppe also waiting For the release of the latest Consumer Price Index (CPI) printout scheduled for January 12th. Traders are closely monitoring CPI data to see if inflation is receding.
Taking a closer look at Bitcoin, van de Poppe expects Bitcoin to pull back before the bulls can find resistance around $17,500.
“Bitcoin continues to rise and enters resistance.
We suspect a sudden collapse and need definite certainty within the next 24 hours.
To continue the rally, you need to stay below $17,350.
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