The cryptocurrency market is entering a crucial phase this week with the announcement of the US Consumer Price Index (CPI) and Producer Price Index (PPI) data. These indicators play a significant role in determining the interest rate decisions of the US Central Bank. Market participants are concentrating on these figures, anticipating that Bitcoin 
$94,271 and altcoins will reach new record levels.
Strong Labor Data Supports the Market
Recently, a notable surge has been observed in the cryptocurrency market. According to labor data released last week, 227,000 new jobs were added in the US in November, exceeding market expectations of 220,000. Additionally, the unemployment rate rose from 4.1% to 4.2% compared to the previous month.
Expectations for New Records in Bitcoin and Altcoins
Last week, Bitcoin rose to $103,900, surpassing its previous all-time high of $100,000. This increase began on the back of positive expectations regarding cryptocurrency regulations in the US. The market anticipates that both Bitcoin and altcoins will gain further value and achieve new records.
Experts in the cryptocurrency sector indicate that current economic indicators could shape investor sentiment. Ali Martinez stated that Bitcoin could reach $112,926 based on technical trends. He emphasized that the market is strengthening due to whale purchases of 20,000 BTC.
Ali Martinez: “Accumulation by Bitcoin whales is exhibiting parabolic behavior.”
Moreover, the PPI data is expected to be released on December 12. PPI is another crucial indicator used to measure inflationary pressures, and the market anticipates that this figure will remain at the same level as last month.
Altcoins are also moving in tandem with Bitcoin’s rise. Ki Young Ju, CEO of CryptoQuant, highlighted that South Korea, as the world’s second-largest cryptocurrency market, accounts for 93% of altcoin trading. Ju emphasized the strong performance of altcoins.
Ki Young Ju: “South Korea: The world’s second-largest cryptocurrency market, with 93% of trades focused on altcoins.”
Overall, the inflation data from the US appears poised to play a vital role in the cryptocurrency market. Investors believe that based on these results, new records could be set for Bitcoin and altcoins. In addition to the impact of economic indicators on market sentiment, experts’ positive forecasts are also boosting investor confidence.
