#BTC Cryptocurrency analysts are turning bullish after favorable US inflation data sent Bitcoin

BTC
tickers down
$99,607
surging some 3% amid hopes of more interest rate cuts.
On Jan. 15, the US Consumer Price Index (CPI) report tipped lower-than-expected core inflation in December, causing Bitcoin’s spot price to rally from around $96,000 to nearly $100,000. Other assets, including stocks and gold, also surged.
Futures markets assign a roughly 30% chance of the Federal Reserve, America’s central bank, cutting interest rates in March, according to CME FedWatch. Rate cuts generally benefit crypto.
“Bitcoin trades like a store of value asset such as gold, so I suspect cooling inflation to aid bitcoin prices,” Bryan Armour, director of passive strategies research at Morningstar, told Cointelegraph.
Bitcoin futures for February through April are up 2%–3% as of Jan. 15, suggesting a brighter medium-term price outlook for the cryptocurrency, according to data from the CME, a futures exchange.