Bitcoin’s finally shaking off the doldrums, climbing past $18,000 after weeks of treading water—and it’s got some upbeat Consumer Price Index (CPI) data to thank. The crypto king’s riding a wave alongside other coins, with BTC/USD hitting $18,000-plus in Thursday’s trading, per TradingView data.
It’s the highest it’s been since November 9, a welcome jolt after dipping to $17,412.19 on Tuesday before rallying to $17,930.09 earlier today.
Crypto Twitter’s own Crypto Kaleo nailed it, calling the $18K leap earlier Thursday, and the market’s proving him right so far. The 14-day Relative Strength Index (RSI)—a gauge of market muscle—has juiced up to around 60, its peppiest since November. That’s a big level, hinting the bulls might have some legs.
But not everyone’s popping champagne. Investment firm VanEck’s got a gloomier take, warning Bitcoin could crash to $10,000-$12,000 if miner bankruptcies pile up. They reckon the combo of sinking BTC prices and spiking electricity costs could force miners to merge, restructure, or just plain fold. “Bitcoin’s acting like a risky bet, twitchy with every interest rate hike,” they said, pointing to a tough road ahead for the mining crowd. Still, they’re not all doom—VanEck sees a 2023 rebound to $30,000 if inflation cools, with a potential peak in 2024.
For now, BTC’s basking in the $18K glow, a rare bright spot in a bruising year. Whether it’s a pit stop or a launchpad, traders are watching close.
