Bitcoin Price Prediction as BTC jumps 7.5% Reversing Losses – More Gains to Come?
The crypto markets saw surprise volatility on Thursday and Friday despite the US Consumer Price Index coming in worse than expected.
While CPI data saw an immediate sell-off after coming in at 8.2%, traders and investors took advantage of the dip and then continued to buy.
The overall crypto market cap has gained more than 5% in the last 24hrs while a number of large market cap coins also made impressive gains.
Market leader Bitcoin (BTC) was a prime example of how the market suddenly sparked into life.
After the CPI announcement, there was an immediate sell-off with Bitcoin dropping from $19k to a 24hr low of $18,319.82.
But within 12hrs that had peaked at $19,835.17 - an 8.2% gain on the low - with volume surging by 76% on the previous day.
A price retraction has since followed but Bitcoin is now trading at $19,640.67 nearly 5% up in 24hrs.
As CryptoNews analyzed in further detail earlier on Friday, technical data all points to more gains in the immediate future.
On the four-hour timeframe, Bitcoin has surpassed the 50-day moving average, indicating a bullish trend.
Furthermore, indicators such as Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are both in a buying zone.
Bitcoin could break into $20k soon and reach as high as $21,000 in the coming days.
However, there is reason to be cautious in the weeks ahead despite the mini breakout.
Respected Twitter trader Il Capo of Crypto has been predicting a bottom of around $14k for weeks and, while he has tweaked his prediction, still believes that price will come at some point in November.
The trader gained huge kudos in the space after predicting a drop to $20k while Bitcoin was trading near its all-time highs in November 2021.
He wrote late on Thursday:
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