As traders anxiously await the release of the Consumer Price Index (CPI) for December from the US Bureau of Labor Statistics, the crypto market has already entered. The move comes as Wall Street banks and crypto analysts expect prices to slow in December. Bitcoin price above $18,000 for the first time in the last 2 months. The 24-hour low and high were $17,337 and $18,268 respectively. Meanwhile, ithelemum went each week 75 hours ago, reaching $ 1,408.
Prypto Market going forward to continue the data from IPC? The well-known analyst Michael van de Poppe in a January 12 tweet shared his forecast for the crypto market as Wall Street economists expected the CPI to fall.
According to consensus, the annual inflation rate in the United States may decrease for the sixth consecutive month to 6.5% in December. This is the lowest since October 2021. The Consumer Price Index fell to 7.1% in November. Michael van de Poppe thinks that the CPI will probably fall further, but the expectation of a large fall, as other experts suggest, is low. He expects the CPI to reach 6.6% or 6.7%. Finally, the crypto market may witness a correction, before continuing the session.
On January 11, he shared that Bitcoin should hold around $17,300, which it did. So, Bitcoin “will continue to move towards $18.5,000.”
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Wall Street Expectations on The Consumer Price Index (CPI)
Wall Street banks expect the CPI to fall for December. Economists based their view on the decline in energy prices in December as the main contributor to the decline. Gasoline prices dropped nearly 12% from November to December.
CIBC, Wells Fargo, and Nomura expect an increase of 6.3%, while Barclays, Bank of America, JPMorgan, Morgan Stanley, and Goldman Sachs have put their expectations at 6.4%. Meanwhile, TD Securities, Citi, Credit Suisse and BMO forecast December CPI at 6.5%.
