Bitcoin took a nose dive after the US Federal Reserve hiked interest rates. However, top analysts see a silver lining. Find out how the Bitcoin price could continue in the coming weeks.
Bitcoin: Top analysts are convinced that the low will soon be followed by a high.
Photo: panthermedia.net/jikaejc
Bitcoin is threatened with further corrections in the coming weeks. However, several top analysts are already seeing the light at the end of the tunnel and revealing how the number 1 cryptocurrency will continue in the medium to long term.
Will bitcoin rise again?
Bitcoin and crypto markets are experiencing highs and lows again: Just a few days ago, bitcoin faced an intense price drop – now the cryptocurrency has surprisingly caught up during of the past 24 hours and gained around 3% (data from Coinmarketcap.com). The possible reason: the announcement by the Bank of England of its intention to take certain measures to remedy the shortage of liquidity in the government bond market.
“$BTC – The Only Chart You Need
2 possibilities :
- Quick scam pump to 20000-20500 and then nuke.
- Clear break of the 18400-18700 support and direct dumping towards the main target.
Both possibilities lead to the same goal of 14k-16k. – Crypto Capo (@CryptoCapo_) September 28, 2022
The great hope now is that the markets have reached their critical point and that cryptocurrencies and stocks will soon be on the rise. But how quickly can this be achieved? In the short term, Bitcoin expects further pain, analysts agree. September, which has historically been associated with losses, is living up to its reputation in 2022, October and November are not looking any better: although there are isolated calls for an imminent rally, according to chartists, Bitcoin is threatened with a drop to $14,000, in the worst case to $12,000. After that, the key cryptocurrency begins a bullish 2023 year. So thinks, for example, the pseudonymous crypto strategist “CredibleCrypto”. More than 338,000 people follow him on Twitter for his analysis. It also reveals to them now when the price of Bitcoin will explode again.
Bitcoin in final stage of correction
The charting guru is sure: Bitcoin will soon complete its last phase of correction and then rise to unprecedented prices. To support his thesis, he cites the Elliot Wave Theory – a prognostic model based on mass psychology. According to this, Bitcoin will rally well above $27,000 by early 2023 at the latest, then explode to $100,000 by May – “at least”, as the analyst points out: “I expect at least 100,000, not 300,000+, probably more around 150,000. We can say more precisely when the parabolic movement actually started.Given the macroeconomic situation – war in Europe, fears of recession, inflation – many users find it difficult to take such a bullish forecast seriously.
“Momentum. That’s why estimates should be within a range – it can vary. I’m expecting at least 100k, not 300k+, probably somewhere around 150k-ish. But will know more as time goes on. as PA grows and the movement actually begins.” — CrediBULL Crypto (@CredibleCrypto) September 27, 2022
“What makes you think Bitcoin could be pumping so hard during this time on Earth? I’m really curious. I kind of feel like people are trying not to freeze to death in the winter at this point, right?” asks a subscriber, for example. However, the analyst puts it into perspective by commenting: He heard exactly the same thing in the middle of the Corona crash in March 2020. And yet: “We are shortly after [um den Faktor] 20x increased.
“I heard almost the exact same thing during the covid crash in March. We went 20 times shortly after.” – CrediBULL Crypto (@CredibleCrypto) September 27, 2022
This time too, he is firmly convinced that “the most logical move is still upwards”. CredibleCrypto is not alone with its unwavering optimism: according to highly quoted US analyst Robert Breedlove, Bitcoin will even reach prices exceeding one million in the long term. Gaga forecast or realistic assessment – how did the former hedge fund manager find it?
Bitcoin bullish prediction: $12.5 million per BTC
Breedlove has been known to predict that the US dollar will be “essentially zero” by 2035. “I still stand by that prediction today,” the Bitcoin maximalist said in an interview. The US dollar index has risen sharply lately. However, he anticipates a collapse – with corresponding consequences for the Bitcoin price: “If so, then I have an appropriate Bitcoin price prediction of US$12.5 million per Bitcoin by 2031.” According to the thesis, the purchasing power of the dollar is significantly lower at present than it is today. By today’s standards, the exorbitant price of Bitcoin is “only” $1 million.
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