"It has broken through 30K, now BTC wants to target $31K?"
Ahead of the release of this week's US Consumer Price Index (CPI) report, the price of cryptocurrency king Bitcoin (BTC) finally climbed to a new 10-month high on Monday yesterday, but the S&P 500 unfortunately fell earlier.
Following that, the crypto community hopes that this week's CPI report will push the BTC price above $30,000 as it is an important data for the US Federal Reserve (Fed) to decide on an interest rate hike during the next Federal Open Market Committee (FOMC) meeting in early May.
It was reported that the rest of the crypto market also saw positive momentum as the price of BTC crossed the $29,000 level, but the digital asset was found to be volatile after Tether's (USDT) market cap increased.
Following that, traders are very confident that the BTC price movement has the potential to witness a drastic increase in the near future because the BTC halving* is likely to happen on April 28, 2024.
*rewards for BTC mining transactions are cut in half
Explained further, the halving situation can not only have a positive impact on BTC but also the crypto market, where the block reward of the digital asset will decrease to 3,125 coins within 383 days.
Therefore, traders including investors predict that the price of BTC will break through the level of $69,000 to $100,000 in 2024.
As of this writing, BTC price managed to jump by 6.47% to reach $30,149 with a market capitalization of $583 billion in the last 24 hours and recorded a gain of 8.62% over the last week.
