Bitcoin Price Live Today: How Long Will It Take It to Reach $30,000? Will CPI Fail to be the Catalyst?

The post Bitcoin Price Live Today: How Long Will It Take It to Reach $30,000? Will CPI Fail to be the Catalyst? appeared first on Coinpedia Fintech News

The stagnant trend of the Bitcoin (BTC) price appears to be waiting for a bullish push that could propel the price above the bearish influence. While market participants assume it could be the upcoming CPI data, star crypto is believed to undertake diverse price action. As has been observed for the past few months, the BTC price spikes significantly after the new rates are announced. However, it has always been a short-term rally that traps the bulls at the interim highs. 

The historical volatility can be considered at the moment to determine the next course of action for the BTC price. Volatility is nothing but the price variation of a token, which indicates user activity on the platform. The volatility has fluctuated heavily in the past, but after the 2018 bear market, it has been following a descending trend. However, the levels rebounded at frequent intervals, which led to a massive upswing in the BTC price. 

Unfortunately, the current price action flashes bearish signals, as, despite rising prices, volatility maintained a descending trend. It indicates less variation in the prices, which in turn determines less participation by the traders. This has compelled the BTC price to remain stuck within a narrow range as it awaits a significant bullish push towards the next levels.

While the short-term analysis appears to be bearish, the BTC price seems to be preparing for long-term bullish price action. Although the price is not expected to leap far enough to mark a new ATH in 2023, it may significantly trigger a bull run in 2024. The primary catalysts for the run could be the Bitcoin ETFs, which have deadlines in 2024; the interest rate cuts, the U.S. elections, and, more importantly, the Bitcoin halving.

Therefore, the Bitcoin (BTC) price may rise above $30,000 following the announcement of the new CPI data but could soon plunge back below $29,500, displaying a short-term upswing. However, the long-term projections remain bullish.