In the long run, Bitcoin has been tipped by the Cardano co-founder Charles Hoskinson to hit $250k. As detailed in our last analysis, the asset has also been predicted to repeat its previous run to hit $150k in the medium term. Four key events in the US, namely: Consumer Price Index, Producer Price Index, Initial Jobless Claims, and Retail Sales, could significantly impact the price of Bitcoin (BTC) this week. Experts have predicted that the Consumer Price Index could witness a reading of 2.8%, which may cause stability in the crypto market. This week could be very crucial as Bitcoin (BTC) awaits key catalysts to fuel an upsurge above its $123k all-time high level. Based on our market data, the market sentiment is very positive as the Fear and Greed Index shows a movement from the neutral to the Greed territory. Currently, Bitcoin is charging towards the $122k level as it records 1% surge in the last 24 hours, a 5.7% surge in the last seven days, and a 2.7% surge in the last 30 days. Within the week, major events in the US are expected to significantly impact the price with investors asked to keep their eyes on the Consumer Price Index (CPI), Producer Price Index (PPI), Initial Jobless Claims, and Retail Sales. Consumer Price Index (CPI) The CPI is expected on Tuesday, August 12. According to experts, it is one of the most important economic indicators as its outcome drives the interest rate policy expectations. Goldman Sachs and other economists have projected that the upcoming rate could be around 2.8%, suggesting an increase in inflation in July. It is important to note that anything above 2.8% could strengthen the US Dollar and trigger a nosedive in the crypto market, as explained in our previous post. However, a rate below 2.7% could also trigger another crypto rally and confirm a rate cut in September, according to analyst BitBull. Given that the unemployment rate has been going up lately, CPI is expected to come lower, which will be good for the markets. Producer Price Index The PPI is scheduled to be released on August 14 and could come with an increase, after the 2.3% recorded in June. According to experts, a persistent increase in this indicator could cause a tighter policy for a longer period, as noted in our earlier discussion. Source: Capital Flows Retail Sales The US Census Bureau is set to release this data on August 15. The Retail Sales report is very important since it reportedly drives around 70% of the US economy. Not just that. It also affects the broad market sentiment. In June, 0.6% reading was recorded with economists expecting 0.5% for the July data. A realization of this prediction would imply that US Consumer Spending was quite strong in July. According to analysts, the decline from 0.6% to 0.5% is not enough to conclude on a significant demand drop. Instead, it could signal a mild cooling. Missing the expectation could also favor risk assets like Bitcoin. Initial Jobless Claims As a measurement of the number of US citizens who for the first time filed for unemployment insurance last week, a stable or increase in Initial Jobless Claims could indicate a cooling labour market while increasing the odds for a Fed rate-cut. In any case, this would also support a Bitcoin rally as highlighted in our earlier publication. In the week ending August 2, 226,000 Initial Jobless Claims were recorded. According to economists, the upcoming data could record a slight increase to 229,000.