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During Wednesday's trading session, bitcoin hit an all-time high, climbing near $69,000 amid the release of US inflation statistics.
According to the published data, the US inflation rate is dramatically increasing and is at its all-time high in 30 years due to raw material shortages and supply disruptions.
Consequently, investors consider bitcoin and leading altcoins as a protective asset not subject to inflation, on a par with gold. Thus, the value of the main digital coin rose instantly by almost $3,000 after the release of inflation statistics. Parallel to the significant increase in BTC, gold quotations soared as well.
However, by the end of the trading session on Wednesday after an unprecedented growth BTC rolled back significantly by 9% and fell below $63,000 per coin, losing all previous gains. Following the main cryptocurrency, the value of leading altcoins began to decline.
A strong BTC rebound occurred amid the decline of the global stock and oil markets. Besides, the debt market began to consider an earlier increase in US Fed rates. Consequently, it contributed to a tangible inflow of capital funds into the US dollar.
Despite rather negative news for the first cryptocurrency, experts are confident that today Bitcoin occupies a dominant position in the current bullish trend, and the peak of its rise in the near future could be much higher than the predicted ones.
According to cryptanalysts' preliminary forecasts, the current BTC growth cycle will be valid from 3 to 6 months. By the end of this month, the coin can jump to $98,000 and in December it could be traded above $135,000. If the most optimistic forecasts of crypto-enthusiasts are true, the price of digital gold may reach $500,000 at the beginning of next year.
Moreover, at the time of writing the article, the first cryptocurrency is demonstrating a steady decline and is trading at $64,941 (-2.2%). The value of Ethereum fell by 0.9% to $4670, and Binance Coin lost 1.24%, dropping to $626.
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