The post Analyst Maps Worst Case Scenario For Bitcoin – BTC Price Might Drop To This Level appeared first on Coinpedia Fintech News
While the world’s first cryptocurrency, Bitcoin, is struggling to surge above $19k, one of the renowned analysts is predicting a bullish momentum for BTC amidst a bear market.
The analyst who is anonymously known as Pentoshi informs his 612,300 Twitter admirers that since the time Bitcoin reached its all-time high in November 2021, the macroeconomic environment has changed.
As per the analyst, the Federal Reserve’s terminal rate has widely changed from that of last year which is pointing towards the macro bottom. He claims that the terminal rates for this year will be 4.6% which is more than that of last year. Last year in December 2021, the terminal rates stood at 2.1%. Hence, he says it is difficult to see any upside as there are more possibilities for a downward trend.
Further, he asserts that after Bitcoin broke out from its lows on September 9th, his bearish stance towards the currency reversed. He believes that even Consumer Price Index (CPI) is on a quick pace due to which it’s hard to be bearish any longer.
A Short-Term Rally For Bitcoin (BTC)
At the start of September, the Federal Reserve claimed that it plans to increase the interest rate until it reaches 4.6% which is assumed to hit in 2023. Hence, as the interest rate is crawling closer to Fed’s claim, Pentoshi predicts a short-term rally for the flagship currency.
He claims a $12,000 to $14,000 range for Bitcoin after the currency sees a short-term rally