Bitcoin (BTC) is surging after US economic statistics on Wednesday suggested that high inflation may have peaked and that the Federal Reserve may ease liquidity tightening in the coming months. However, according to some analysts, such expectations may be incorrect, and investors hoping for a consistent bull run may be disappointed. According to FactSet, the US consumer price index increased 8.5pc year on year in July, matching June’s pace but falling short of the average projection of 8.7pc. Core inflation, which excludes food and energy prices, climbed 5.9pc,compared to a 6.1pc increase predicted. Since the release of the CPI statistics, Bitcoin has risen 6.5pc to $24,500. During the early hours of Thursday, the cryptocurrency reached a high of $24,744, its highest price since June 13.