In a recent tweet, Bitcoin critic and gold bug Peter Schiff urged Bitcoin hodlers to sell ahead of the CPI data release, claiming that Bitcoin rising above $18,000 is an excellent opportunity to offload their holdings.
"Bitcoin is trading above $18K, its highest level in 3 weeks, an excellent opportunity for HOLDers to sell ahead of the release of the Dec. CPI. Gold is only up $10, trading at an 8-month high. While Bitcoin has already broken down, gold has broken out. Time to drop Bitcoin,'' Schiff wrote in a tweet.
Bitcoin on Thursday rose to its highest level in over a month, as traders bet on a U.S. inflation cooldown. According to CoinMarketCap data, Bitcoin was trading 4.3% higher at $18,197 at the time of writing.
Schiff has frequently criticized Bitcoin, most recently claiming that the leading crypto asset would never reach $100,000.
CPI data release
On Thursday, the consumer price index report for December is scheduled to be released. According to economists surveyed by Dow Jones, the December CPI report will show that prices decreased by 0.1% from the previous month.
The market is intensely focused on inflation since the Fed's success in containing it could influence how far it hikes interest rates.
On Wednesday, cryptocurrency and stock prices increased as investors became more certain that the Federal Reserve's interest rate increases were successfully containing inflation.
While several are optimistic about the return of bulls to the crypto market in 2023, Jean-Baptiste Graftieaux, CEO of Bitstamp, believes the Bitcoin bull run will probably come in the next two years, the crypto exchange CEO told CNBC in a recent interview.