Positive inflation news pushes prices up
The chairman of the Federal Reserve indicated on Tuesday that inflation in the US is declining, which is positive news. After the release of the US consumer price index for January, the price of Bitcoin rose nearly 12% in 24 hours to reach $24,700, its highest level since mid-August.
Sentiment towards cryptocurrency also appears healthy as the Crypto Fear and Greed index is up nine points to 62 out of 100 and is now in the “Greed” area.
However, to live up to Novogratz’s prediction, Bitcoin would still need to rise about 22% by March 31.
Several analysts are positive
Novogratz is not the only analyst who is positive about the future of the Bitcoin price. Yesterday, Newsbit also reported that Dutch crypto analyst PlanB expects the price to rise sharply soon due to the upcoming BTC halving.
PlanB expects the Bitcoin halving to lead to more scarcity and rising prices. According to the analyst, the halving will play an important role in the coming years and could push the price above $100,000.
