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Bitcoin Nears Record High as Analysts Predict $130K Breakout Ahead of Key CPI Data
In a stunning turn of events, the price of Bitcoin has skyrocketed 3.5% in just 24 hours, pushing its market value to a staggering $2.42 trillion. This unprecedented surge has sparked intense speculation and debate among industry experts, with many analysts predicting a breakout towards a record high of $130,000 or more.
According to on-chain data, trading activity is experiencing an uptick, with open interest rising by 7,834 BTC. This increase in trading volume suggests that investors are increasingly betting on higher prices for the world’s largest cryptocurrency by market capitalization.
The catalyst behind this explosive growth appears to be a combination of factors, including US President Donald Trump’s recent order allowing retirement savings plans, such as 401(k)s, to invest in alternative assets like cryptocurrencies. The move has led to a surge in Bitcoin ETF inflows, with a record $403.9 million flowing into these funds on August 8.
Moreover, the crypto market is currently witnessing a rare phenomenon known as the “Golden Cross,” which historically precedes significant price increases for Bitcoin. With this technical signal aligning with the onset of a post-halving year, the stage appears to be set for an unprecedented rally in the coming weeks and months.
The impending US inflation data due on August 12 and the Producer Price Index (PPI) expected later this week will also play a crucial role in shaping the future trajectory of Bitcoin’s price. Economists anticipate a significant rise in CPI, which could further bolster demand for the cryptocurrency as investors seek safer assets to diversify their portfolios.
The current market conditions have sparked heated debates among industry experts and enthusiasts alike, with some predicting that BTC may potentially touch $130,000 or even higher if this momentum continues.
Source: coinpedia.org
