Bitcoin took a dive after the US Federal Reserve raised interest rates. However, top analysts see a silver lining. Find out how the Bitcoin price may proceed in the coming weeks.
Bitcoin is threatened with further corrections in the coming weeks. However, several top analysts already see light at the end of the tunnel and reveal how the number 1 cryptocurrency will continue in the medium and long term.
Will bitcoin rise again?
Bitcoin and the crypto markets are currently experiencing wild ups and downs again: Just a few days ago, Bitcoin faced an intense price drop – now the cryptocurrency has surprisingly caught up in the last 24 hours, gaining around 3% (data from Coinmarketcap.com ). The possible reason: the announcement by the Bank of England that it intends to take certain measures to alleviate the lack of liquidity in the government bond market.
“$BTC – The only chart you need
- Quick cheat pump to 20000-20500 and nuke afterwards.
- Clean break of the 18400-18700 support and straight dump to the main target.
Both options lead to the same goal of 14k-16k. — il Capo of Crypto (@CryptoCapo_) 28 September 2022
The big hope now is that the markets have reached their pain point and that cryptocurrencies and stocks will soon 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, lives up to its reputation in 2022, October and November do not look better: although there are isolated claims of an impending rally, according to chartists, Bitcoin is threatened with a fall to up to 14,000 dollars, in the worst case even to 12,000 dollars. After that, the key cryptocurrency begins a bullish 2023. This is what the pseudonymous crypto strategist “CredibleCrypto” thinks, for example. More than 338,000 people follow him on Twitter for his analysis. He now also reveals to them when the Bitcoin price will explode again.
Bitcoin in final phase of correction
The chart guru is sure: Bitcoin will soon finish its last correction phase and then rise to unprecedented prices. In support of his thesis, he cites the Elliot Wave theory – a forecasting model based on mass psychology. According to this, Bitcoin will rise well above $27,000 again by early 2023 at the latest, before exploding to a whopping $100,000 in May – “at least,” as the analyst emphasizes: “I expect at least 100,000, not 300,000+, probably more around 150,000. You can say more precisely when the parabolic movement actually started. In light of the macroeconomic situation – war in Europe, fear of recession, inflation – many users find it difficult to take such a bullish forecast seriously.
“Momentum. So estimates have to be in a range – it can vary. I expect at least 100k, not 300k+, probably somewhere around 150k-ish. But will know more as PA develops and the move actually starts.” – CrediBULL Crypto (@CredibleCrypto) 27 September 2022
“What makes you think Bitcoin could be pumping so hard at this time on Earth? I’m really curious. It feels more like people are trying not to freeze to death in the winter at this point, doesn’t it?” asks a follower, for example However, the analyst puts it into perspective and comments: He heard exactly the same thing in the middle of the Corona crash in March 2020. And yet: “We are a short time behind [um den Faktor] 20x increased.”
“Heard almost exactly the same thing during the covid crash in March. We went 20 times shortly after.” – CrediBULL Crypto (@CredibleCrypto) 27 September 2022
This time, too, he is firmly convinced that “the most logical movement is still upwards”. CredibleCrypto is not alone in its unwavering optimism: according to the widely quoted American analyst Robert Breedlove, Bitcoin will even rise to prices exceeding the million mark in the long term. Gaga forecast or realistic assessment – how does the former hedge fund manager come up with it?
Bullish Bitcoin Prediction: $12.5M per BTC
Breedlove is known for predicting that the US dollar will be “basically zero” by 2035. “I still stand by that prediction today,” the Bitcoin maximalist said in an interview. The US dollar index has risen significantly recently. However, he predicts a collapse – with the corresponding consequences for the course of Bitcoin: “If that is the case, then I have an appropriate Bitcoin price forecast of 12.5 million US dollars per Bitcoin in 2031.” According to the thesis, the purchasing power of the dollar is significantly weaker at this time than it is today. By today’s standards, the exorbitant Bitcoin price is “only” one million dollars.
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