Bitcoin auf Rekordkurs: 130.000 Dollar in Reichweite! Investors beware!

Bitcoin auf Rekordkurs: 130.000 Dollar in Reichweite! Investors beware!

The cryptocurrency Bitcoin is currently showing encouraging price developments and is approaching its historic high of $123,000. Bitcoin price has risen 3.5% in just 24 hours, spurring investor interest. Over the past week, the price consolidated at $115,000 before continuing higher. This positive price movement is supported, among other things, by the recurring “Golden Cross” pattern, after which analysts predict high prices of $130,000 and beyond. Benjamin Cowen, a well-known market analyst, emphasizes that the market's history suggests a positive end to August.

However, investors remain vigilant, particularly ahead of the upcoming release of key US inflation data. This data could have a significant impact on Bitcoin's price performance as the cryptocurrency is increasingly seen as a safe haven against inflation and economic uncertainties in the current economic landscape. According to the latest on-chain data, daily new Bitcoin addresses have risen to a yearly high of 364,126, indicating increasing demand.

Inflation data supports Bitcoin

The market's reaction to recently released US inflation data shows cautious optimism. Flexibility was documented with a 0.4% month-on-month increase in the Consumer Price Index (CPI), in line with forecasts. Core inflation, which excludes food and energy, also rose 0.2% in the month, also in line with expectations. The annual CPI reading was 2.9%, up from the previous 2.7% but also in line with forecasts. Falling core inflation from 3.3% to 3.2% could indicate flattening inflation, further fueling demand for Bitcoin. 

Following the release of this inflation data, Bitcoin price jumped from $96,000 to $98,400, showing how sensitive the cryptocurrency's price movements are to macroeconomic indicators. Traders are particularly watching the upcoming Federal Reserve meeting, which will reportedly provide possible guidance on future interest rate adjustments based on economic conditions.

Outlook and market sentiment

Bitcoin's positive price development continues to be underpinned by current macroeconomic factors. Both historical and current trends suggest strong potential for new highs. Market sentiment remains optimistic despite more volatile price action as investors hope for continued upward momentum in the coming weeks.

To summarize, Bitcoin is in a period of strength and could potentially surpass $100,000 soon. However, investors remain alert to inflationary data and market reactions as they await upcoming developments in the Federal Reserve's monetary policy.

For more information about market developments, you can read the news from InvestX and CryptoSlate track.