Bitcoin Price Prediction: As US CPI Inflation Data Overshoots, This BTC Meme Coin ICO Offering Free Bitcoin Rockets Past $1M

The information provided on Inside Bitcoins is for educational and informational purposes only and should not be considered financial, investment, or trading advice. Cryptocurrency markets are highly volatile, and investing in digital assets carries significant risk. No profits are guaranteed, and you may lose some or all of your investment. Always invest responsibly and only with funds you can afford to lose.

Bitcoin Price Prediction: As CPI Inflation Data Comes In Higher Than Expected, This BTC Meme Coin ICO Offering Free Bitcoin Rockets Past $1M
Bitcoin Price Prediction: As CPI Inflation Data Comes In Higher Than Expected, This BTC Meme Coin ICO Offering Free Bitcoin Rockets Past $1M

Join Our Telegram channel to stay up to date on breaking news coverage

The Bitcoin price edged up a fraction of a percent in the last 24 hours to trade at $95,937 as of 02:47 a.m. EST on trading volume that surged 30% to $47 billion.

This comes as the US CPI inflation rate accelerated in January, rising 3% on an annual basis, suggesting interest rates are likely to stay higher for longer. Inflation rose 0.5% on a monthly basis, against economists’ forecast for a 0.3% increase.

Bitcoin Price Currently Testing Support

The BTC price has shown a strong bullish run from October to early December, breaking above the 50-day and 200-day Simple Moving Averages (SMAs). This uptrend, marked by the sharp green arrow on the chart, saw price action push into a consolidation zone (highlighted in purple) between approximately $92,000 and $105,000.

However, after reaching a peak near $110,000 (orange resistance line), the Bitcoin price has faced consistent selling pressure. The price of BTC is currently testing the lower boundary of the consolidation range around $91,540 to $94,000, according to data from GeckoTerminal.

This prolonged sideways movement, forming a rectangular pattern, suggests market indecision, with buyers defending support and sellers rejecting higher levels.

The price of Bitcoin is currently trading below the 50-day Simple Moving Average (SMA), indicating short-term bearish sentiment. The 200-day SMA remains far below the current price, maintaining a long-term bullish outlook despite recent weakness. The 50-day SMA is still above the 200-day SMA (a “golden cross”), which is generally a positive long-term signal.

The Relative Strength Index (RSI) is below the neutral 50 level, currently at 43, indicating mild bearish momentum. However, it is not in the oversold zone (<30), meaning there could still be room for further downside before a potential reversal.

Bitcoin Price Chart Analysis Source: GeckoTerminal
BTC/USDT Chart Analysis Source: GeckoTerminal

BTC Price Prediction

The Bitcoin price is currently in a consolidation phase after a strong uptrend. A daily close below the $92,000 support could open the door for a retracement towards $85,000 or even the 200-day SMA at $79,441.

Conversely, if the price of BTC can reclaim the 50-day MA ($98,537) and break out above the $105,000 resistance, we may see a retest of the previous high near $110,000 and potentially push higher to $115,000.

Meanwhile, investors are piling into a new Bitcoin meme coin called BTC Bull (BTCBULL) that will give free Bitcoin to token holders. 99Bitcoins, a prominent YouTube channel with over 724k subscribers, says BTCBULL has the potential to soar 10X after launch.

A Promising Alternative

Investors are pouring into the BTC Bull Token ($BTCBULL) presale at a record rate, with over $1.1 million raised in less than 3 days.

BTC Bull Token vows to help fire the Bitcoin price to beyond $1 million, while paying $BTC rewards to investors at every key milestone.

If you hold $BTCBULL tokens in Best Wallet, you’ll earn BTC airdrops when Bitcoin’s price reaches $150,000 and $200,000.

Furthermore, a huge $BTCBULL Token airdrop also awaits the strongest hodlers when BTC hits $250,000, weighted by the participant’s Community Sale purchase amount.

Between each significant Bitcoin price milestone and subsequent BTC airdrops, there are also Bitcoin Bull token burns.

$BTCBULL token holders also have an opportunity to earn passively through the project’s staking platform, which offers a massive 363% annual percentage yield (APY).

Investors interested in participating in the presale can visit the official BTC Bull website to buy BTCBULL tokens for $0.00236 each using BNB, ETH, USDT, or a bank card.

Buy before a price hike in less than 3 days to secure the best deal.

Check out BTC BULL Token here.

Related News

Best Wallet - Diversify Your Crypto Portfolio

Our Rating

Best Wallet
  • Easy to Use, Feature-Driven Crypto Wallet
  • Get Early Access to Upcoming Token ICOs
  • Multi-Chain, Multi-Wallet, Non-Custodial
  • Now On App Store, Google Play
  • Stake To Earn Native Token $BEST
  • 250,000+ Monthly Active Users
Best Wallet

Join Our Telegram channel to stay up to date on breaking news coverage

Read next