Bitcoin could soar 72% to reach $30,000 says analyst

Potential drop in inflation and pause in interest rate hikes to drive Bitcoin price

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Two events that could affect the macroeconomic field and thus drive the Bitcoin price to $30,000 were mentioned by popular cryptocurrency analyst Michaël van de Poppe.

Speaking on his YouTube channel, which has 664,200 subscribers, the analyst pointed out that there are… on paper catalysts that can positively affect Bitcoin:

“The chances of a price rally have increased and I think that looks good. The potential drop in inflation more than expected and the possible pause in interest rate hikes will give bitcoin some relief and drive it towards $30,000.”

However, if Michaël van de Poppe’s estimate materializes, we would be talking about a 72% increase over the current Bitcoin price.

The interest rate hikes

Recall that in an attempt to combat high inflation, the Federal Reserve raised interest rates, in several cases, in 2023. It first raised them from 0% – 0.25% in January, while the last… intervention was in December, when it raised them between 4.25% – 4.50%.

On the possibility of a change of stance by the Fed…

A high interest rate environment usually negatively affects high-risk assets such as Bitcoin and cryptocurrencies, but also stock market equities. Therefore, according to the analyst, a potential retreat from the Fed’s tight monetary policies could trigger an influx of investment in high-risk assets.

Van de Poppe also stressed that he is waiting for the Consumer Price Index (CPI) update, which is scheduled for January 12. Investors and traders are eagerly awaiting the CPI data, as if it is found that inflation is easing, this could lead the Federal Reserve to reconsider its aggressive stance on raising interest rates.

He sees a short-term decline

As for the current price of Bitcoin, Van de Poppe expects it to decline before the $17,500 resistance is broken.

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