Bitcoin Price Sees Bulls Take Small Steps Towards $19,000

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Bitcoin price sees bulls trigger a reversal in sentiment at the start of the new year. BTC continues to rally in small steps as stocks are currently absorbing most of the available money. If this rally continues and US inflation sees another drop on Thursday, expect BTC to hit $19,000 by the end of the week.

Bitcoin (BTC) price is already up more than 4% for the year as bulls re-emerge on the scene after a long hiatus. Bitcoin does not show spikes as violent as those seen in its smaller cousin Cardano due to the wide and common correlation with other asset classes in the financial markets. With massive bond buying and a US dollar that doesn’t seem to be weakening or strengthening in one direction, traders are making sure to put their money in a single asset or asset class.

Bitcoin Price to Rise 10% as Rally Slope Expected to Happen

Bitcoin price is already performing much better than most parts of 2022 because it can print multiple winning streaks with often a small and limited loss for a trading day. This shows that the bulls have taken the wheel as belief grows that a Goldilocks scenario is on the way. With several economic indicators and deteriorating data, this is helping risky assets like stocks and cryptocurrencies rally.

BTC will need to be watched closely on Thursday as US inflation numbers are set to come out. The belief is that the number will be lower than the previous one and should support the bulls in their trade. Lower headline inflation means the US Federal Reserve could begin to slow or even cut rates, triggering a massive rally that could continue for weeks or months into 2023. Bitcoin price is expected to hit $19,000 due to lower inflation and print 10% gains in the process by the end of this week.

BTC/USD daily chart

Along with the downside risk comes a warning that we’ve had trouble several times already in 2022, which is the type of buy-sell event the rumored does. With inflation currently at 7.1%, market consensus expects 6.5% to be released on Thursday, with the low at 6.3%. This means that if BTC wants to rise, the real print must be even lower than 6.3%, because anything else will see this rally crumble under profit taking and the price of Bitcoin drop to $16,500.

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