- Bitcoin price hovers at $28k after a month of trading.
- Michael van de Poppe, an analyst, says that the US Consumer Price Index Report out this week could be a significant market mover.
- Bitcoin’s volume weighted average price (VWAP) is a metric to also watch.
The Bitcoin price traded in a range this weekend with bulls testing the $28,500 mark. The week is just beginning, and the top cryptocurrency may see volatility.
Indeed, crypto analyst Rekt Capital says bitcoin remains “well positioned for mid- to long-term upside”, particularly as the cryptocurrency moves towards its next halving event.
#BTC The company is extremely well-placed for long-term upside.
It would be shameful to miss the post-evolutionary benefits $BTC Halving gains#Crypto #Bitcoin pic.twitter.com/FE1j3nCTmN
— Rekt Capital (@rektcapital) April 9, 2023
What about the next few hours? Below are the opinions of analysts on Bitcoin’s price this week.
Bitcoin price prediction ahead CPI data this Week
According to crypto analyst Michael van de Poppe, BTC is still in consolidation – which has stretched from around mid-March. The market may see some movement this week with major economic news.
In a comment on Bitcoin price he shared on Monday, van de Poppe said the upcoming Consumer Price Index (CPI) data expected on 12 April is a “big event this week.”
If buyers are able to retest the $28,600 level of Bitcoin, it is likely that its BTC price will go higher.
“Bitcoin is still stuck in the range. Great overnight move to $28,500 and back towards consolidation. CPI is the market mover, this week’s big event. If another test of $28,600 takes place, I’m assuming we’ll be breaking out upwards,” the analyst noted.
Here is the analyst’s Bitcoin price chart.
#Bitcoin The range is still in place. It was a good move overnight to $28,500.
This week’s big event is CPI. It will be the market mover.
I believe we will break out upwards if another $28,600 test is conducted. pic.twitter.com/soCWROaeDy
— Michaël van de Poppe (@CryptoMichNL) April 10, 2023
Trading volume metric and BTC price outlook
Anonymous analyst bitcoindata21 says that the CPI news for this week will likely cause a significant market shift. However, he also highlights Bitcoin’s Volume Weighted Average Price (VWAP), which he says currently sits on the benchmark cryptocurrency’s all-time highs.
VWAP considers the average trading asset’s price as weighted against its total trading volume.
The metric allows you to analyse and forecast price movements by using the average value over a certain period. bitcoindata21 highlights the 30 day VWAP on 15/04, and a possible upward crossing on 13/04.
Below is the chart bitcoindata21 shared Twitter provides a comparison of price movements in 2019 and 2023.
Historical data for Bitcoin price VWAP, comparing 2019 to 2023. Source: Twitter @bitcoindata21
The VWAP’s 1-month sideways trading is similar to what it was in 2019, before BTC hit a new all time in the last bull markets.
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