All of this comes as inflation data from the U.S. showed that the Consumer Price Index fell to 6.5% in the year to December.
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Bitcoin's bullish momentum is showing no signs of slowing down — with the world's biggest cryptocurrency briefly cracking $19,000 on Thursday.
This is a pretty significant milestone considering that BTC hasn't been above this level since FTX collapsed into bankruptcy back in November.
At the time of writing, CoinMarketCap data shows Bitcoin has accelerated by 4% over 24 hours — and 12% over the past week.
And since the start of this month, BTC's price has appreciated by 13.57%.
All of this comes as inflation data from the U.S. showed that the Consumer Price Index fell to 6.5% in the year to December.
That's the smallest increase in over 12 months, and indicates that red-hot levels of inflation are starting to subside.
The 6.5% figure was largely in line with what analysts had been expecting, and it could pave the way for a smaller interest rate rise when the Federal Reserve next meets on Feb. 1.
On Twitter, crypto analyst Michaël van de Poppe suggested that we might see Bitcoin start to cool as we head into the weekend — and said he was unsure whether BTC has the potential to crack through the psychologically significant threshold of $20,000.
More than 10,000 people voted in his Twitter poll on Thursday that asked whether we were in a new bull market — and 64% said no. He added:
"If you look at social media, it’s bull euphoria. If you watch the chart, you have to zoom out a lot to see the entire chart. Bitcoin is still -$50,000 from 15 months ago."
