Crypto Market Awaits CPI Data, Bitcoin Soars Above $18,000

• The crypto market is excitedly awaiting the release of the Consumer Price Index (CPI) data scheduled for today, Jan 12 2023.
• Bitcoin has surged beyond $18,000 levels in the lead up to the CPI report, leading to positive sentiment in the crypto space.
• Michael van de Poppe claims that the CPI for December will most probably fall around 6.5% from last month’s 7.1%.

The crypto space is abuzz with anticipation as the Consumer Price Index (CPI) data for December is due to be released today, January 12 2023. The world’s largest cryptocurrency by market cap, Bitcoin, is currently trading at $18,237 after a 4.61% increase over the last 24 hours. This surge in Bitcoin has lifted the sentiment in the crypto market, with other currencies such as Ethereum, XRP, Cardano, and Solana making notable gains.

The industry experts are optimistic that the CPI data will be good news for the crypto space. Michael van de Poppe, a renowned crypto analyst, believes that the CPI is likely to drop to 6.5% this month, down from the 7.1% of last month. Van de Poppe has also cautioned the market to prepare for some corrections before the bulls return.

Altcoin Sherpa, another crypto analyst, is more bullish on Bitcoin and believes that the CPI data will take the price of Bitcoin to $16.8K. The crypto space is eagerly awaiting the CPI data, with a hope that it will bring about a bullish turn in the market. However, whether the CPI data will be able to propel Bitcoin to the $19K mark remains to be seen.