The past few days have been relatively positive for Bitcoin’s price, which has been increasing since Tuesday, September 12th.
At the time of this writing, BTC is trading at around $26,500, but the co-founder of Glassnode has a bullish prognosis.
Consumer Price Index Important for Bitcoin’s Price
In his prediction, the co-founder of the popular cryptocurrency analytics resource, Glassnode, outlined that the US Consumer Price Index (CPI) jumped by 0.6%, which led to some fluctuation in the BTC price.
Indeed, as CryptoPotato reported earlier this week, the core CPI, which excludes more volatile sectors such as food and energy, has noted a yearly increase of 4.3%.
Interestingly enough, the CPI itself clocked in at 3.7%, while the estimations were for it to be 3.6%. Initially, the news didn’t really have an impact on the price, which, beyond the expected initial turbulence, settled at where it was trading before that.
Bitcoin Price Prediction
And here comes the BTC price prediction that Glassnode’s co-founder made on Twitter.
He pointed out that the cryptocurrency reclaimed the support above $26K and is now eyeing a potential break beyond $27K. This would help it escape a multi-week range.
That said, the expert concluded:
Risk Signal’s nosedive into the 60s signifies this attitude shift. Profit booking pressure may loom around $27.4k and $28.2k, but this climb seems poised as a step before tackling the psychological barrier at $30k.