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Bitcoin continues to waver beyond the $30K region, with market participants preparing for upcoming price surges. The latest marginal dip in the US inflation has encouraged this narrative. Meanwhile, whales and sharks have monitored the leading crypto’s actions lately.
Bitcoin attracts significant players
Santiment confirmed that these dip-pocketed investors continue to watch Bitcoin’s movements within the $30K and $31K value area, similar to other market players. Moreover, sharks and whales have rapidly accumulated stablecoins such as USDP and DAI for possible future massive cryptocurrency buys.
Bitcoin stabilizes post CPI report
Bitcoin traded at $30,339.78 at press time, reflecting minor 24hr gains after the Consumer Price Index (CPI) data release. The report impressed investors, with inflation dipping to two-year lows in June.
The CPI surged 3% over the past year, displaying the lost uptick since March 2021. Nonetheless, the Fed highlighted possible future rate hikes after the June pause. Let’s wait to see how the regulator will respond to the current better-than-anticipated CPI.
While the CPI report failed to move many due to the possible rate hikes in the coming times, Bitcoin analysts remain optimistic about the leading crypto, forecasting massive surges come next year.
Bitcoin price forecast
Cryptocurrency market players continue to support the leading crypto, predicting impressive price movements in the upcoming sessions. Indeed, Bitcoin awaits notable events that will catalyze upticks.
Developments such as possible BTC ETF approval by the SEC, the 2024 Bitcoin halving, and surged institutional interest present the crypto as an ideal candidate for booming price actions.
Investment bank Berenberg has raised its BTC prediction for April 2024. The financial institution sees Bitcoin exploring $56,630 next year.
Meantime, crypto enthusiasts expect a near-term Bitcoin surge past $31K. Such a move will see the bellwether crypto tagging the crucial price level of $32K before clearing the path for lucrative surges. Nonetheless, failure to contain the $30K support will ruin the expected upside.
The post Whales & sharks increasingly accumulate stablecoins amid Bitcoin’s post-CPI stability appeared first on Invezz.
