Ben Armstrong, founder of BitBoy Crypto bitcoin He claimed that its price fell 60 percent during the year, but that the crash was not over and said he thought it would bottom out to $10,000.
Armstrong added that the FED, which increased interest rates by 300 basis points during the year, will pause tightening in December, and this will cause the markets to bottom out.
“Bitcoin May Hit Bottom When FED Suspends Rate Increases in December”
Armstrong continued his thoughts on the subject as follows:
“The pressure from Cathie Wood, the UN, the world, and countries that are currently experiencing huge energy crises will cause pressure in December.
The Fed will announce that it will stop raising interest rates, so we expect a bottom around $14,000 at the end of November, but it can definitely go down to $10,000.”
Armstrong spoke with Kitco News Editor-in-Chief and Lead Host Michelle Makori at the Future Blockchain Summit in Dubai.
Armstrong said that Bitcoin will “fall out” before reaching an all-time high, reaching lower prices:
“We mapped the four-year Bitcoin cycle, determined where it should be, where it should bottom out, and the price range.
Traditionally we get an 85 percent drop for BTC… that’s a range between $10,000 and $14,000. This is where we think BTC will go.”
BTC is currently trading between $18,000 and $20,000.
“BTC Usually Bottomed After the US Midterm Elections”
Armstrong also claimed that $17,000 is a “psychological” support level, adding that at key support levels, there may be a temporary “upturn” in Bitcoin price as investors buy from their perceived bottom.
He pointed out that the upcoming US midterm elections are crucial for the timing of the BTC market bottom:
“Three to five weeks after the midterm elections is traditionally when BTC bottoms out. Now Bitcoin is starting to align with that timeframe.”
Will Ethereum Overtake BTC?
‘Flippening’, some cryptocurrency among analysts Ethereum It is a prediction that it will surpass Bitcoin in terms of market value.
Armstrong said that Flippening is likely to happen given Ethereum’s ‘deflationary’ nature:
“I believe Ethereum’s market cap will flip what we call Bitcoin. Merge lowered Ethereum’s inflation rate by 95 percent.
Currently Web3 is Ethereum. It is very clear… Ethereum will surpass Bitcoin by market cap in the next bull run.”
*Not investment advice.
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