The cost of bitcoin (BTC), as predicted by analysts, exceeded $30,000 amid traders’ expectations of a report on the US consumer price index. In addition, the market’s efforts to de-dollarize to some extent also became an incentive for growth, Vladimir Smerkis, regional director of Binance, told cryptonewsherald on April 11.
“A number of analysts have predicted that bitcoin could rebound to $30,000 soon as traders wait for the US Consumer Price Index (CPI) report due on April 12th to provide insight into the US Federal Reserve’s fight against inflation. Also of interest is the Crypto Fear and Greed Index, which remained firmly at the “greed” level, and the last update on April 11 showed 68 points out of 100 possible,” the expert said.
He drew attention to the fact that the corresponding index on March 21 this year also reached 68 points. According to him, this is the highest level since a reading above 66 was recorded on November 16, 2021, just a few days after the first cryptocurrency’s all-time high was reached on November 10, 2021.
Smerkis noted that the correlation with assets in the form of, for example, US stocks was greatly reduced, but the connection with gold increased markedly. In addition, the correlation of BTC with the US dollar remains negative.
“I also note that the efforts of the market to de-dollarize, to some extent, also became an incentive for the growth of bitcoin. There is a possibility that bitcoin and gold are now becoming assets that can provide independence from the dollar,” Smerkis concluded.
Earlier in the day, BTC topped $30,000 for the first time since June 10, 2022. According to the data site CoinDesk, at 18:30 Moscow time, bitcoin reached $30.2 thousand.
On April 4, BitRiver financial analyst Vladislav Antonov suggested that it is realistic to see Bitcoin recover to $40,000 in Q2.