- Bitcoin price has risen above $28k with the last month trading.
- Analyst Michael van de Poppe says the US Consumer Price Index report released this week could provide momentum to the market.
- Bitcoin’s Volume Weighted Average Price (VWAP) is also a metric to watch.
bitcoin price This past weekend continued its uptrend, with the bulls retesting the $28,500 area. An injection of volatility could be seen in the top cryptocurrencies as the week begins.
In fact, cryptocurrency analyst Rekt Capital says that bitcoin is still “Positioned well for the medium to long term”, especially as the cryptocurrency heads towards its next halving event.
#B T c Well positioned for mid to long term upside
It would be a shame to miss out on the exponential post $BTC half profit#crypto #bitcoin pic.twitter.com/FE1j3nCTmN
— Rekt Capital (@rektcapital) April 9, 2023
But what about the next few days? Below is what analysts are saying about the bitcoin price this week.
Bitcoin Price Predictions Ahead of This Week’s CPI Data
According to crypto analyst Michael van de Poppe, BTC is still in consolidation – which has been stretching since mid-March. But with big economic news on the cards this week, there could be some movement in the market.
In a comment he made on the price of bitcoin on Monday, van de Poppe said that the upcoming consumer price index (CPI) data due on April 12 is a “big event this week,
If the buyers manage to retest the $28,600 level, it will likely push BTC higher.
,Bitcoin is still stuck in the range. Nice move and consolidation back to $28,500 overnight. Big event this week with CPI, probably a market mover. If there is another test of $28,600, I think we will break to the topsaid the analyst.
Here is the analyst’s bitcoin price chart.
#bitcoin Still in range. Nice move and consolidation back to $28,500 overnight.
Big event this week with CPI, probably a market mover.
If there is another test of $28,600, I think we will break higher. pic.twitter.com/soCWROaeDy
— Michael van de Poppe (@CryptoMichNL) April 10, 2023
Trading Volume Metric and BTC Price Outlook
Pseudonymous analyst BitcoinData21 also says that the CPI news could be a major market catalyst this week. However, he also highlighted bitcoin’s volume weighted average price (VWAP), which he says currently sits at an all-time high for the benchmark cryptocurrency.
VWAP takes into account the average price of a trading asset based on its total trading volume.
The metric helps in analyzing and forecasting the price movement based on the average price over a given period. In this case, bitcoindata21 highlights the 30-day VWAP on April 15, with a possible upside crossing on April 13.
Chart below by bitcoindata21 shared Shows a comparison of 2019 and 2023 price movements on Twitter.
The 1-month sideways trading with the VWAP is positioned in the same way it was before BTC hit a new all-time high in 2019’s previous bull run.