Bitcoin is surging towards its all-time high, driven by anticipation of key inflation data. The cryptocurrency has climbed past $122,000, signaling a sustained bullish trend amidst growing optimism about Bitcoin’s potential as an inflation hedge. Traders anticipate this move based on the upcoming CPI and PPI reports, which may reveal significant inflationary pressures. 24-hour trading activity shows signs of increased investor involvement with daily new addresses hitting a one-year high, suggesting growing participation from both retail and institutional investors. The technical strength of Bitcoin is further emphasized by a golden cross formation on its charts. Notably, market strategists point to historical trends following Bitcoin’s halving events – a period that has historically seen Bitcoin strengthen into the final quarter of the year. 24-hour trading activity reveals an anticipated price retracement to around $121,500. 24-hour trading volume is high as market dynamics shift in response to rising inflation concerns and expectations for monetary easing from the Federal Reserve. As traders await the release of critical inflation data, they are bracing for potential volatility based on how the CPI and PPI reports will shape their investment strategies.