An analyst who correctly predicted the end of the crypto bull market last year has announced his Bitcoin (BTC) predictions. The expert predicts that there will be a change in the BTC trend. Here are the details…
Pentoshi predicts Bitcoin exchange
The analyst, known in the industry as Pentoshi, announced his new estimates to his 612,300 Twitter followers. He says the macro landscape has changed drastically since Bitcoin hit an all-time high in November 2021. Pentoshi pointed to the US Federal Reserve’s (FED) interest rates. He pointed out the final interest rate, or the expected endpoint for interest rate hikes. That’s why he said the market has been rocking wildly over the past year, highlighting a possible change in the macro ground. The analyst used the following statements:
While terminal rates are at 4.6 percent, you can at least say that the rates portion is priced after they finally go from 0% to 4.6%. It’s hard to expect more upside moves there, so risk could turn to the downside. I held my macro bearish argument to the end until BTC recorded lows on Sept. At this point, I moved on to acting more objectively and looking for offer value. The consumer price index is also potentially at maximum speed. It’s hard for me to sustain such a strong downtrend for now.
Analyst: Horizontal market is coming
Earlier this month, the Fed expressed its intention to raise interest rates until they reach 4.6 percent in 2023. Currently, the federal funds rate hovers between 3 percent and 3.25%. As interest rates approach the Fed’s end point, Pentoshi believes Bitcoin will make a short-term relief rally. After the spike, the crypto analyst predicts a final “capitulation” phase that will constitute the transition phase of Bitcoin to an extended sideways trend. Pentoshi uses the following expressions:
If I had to say the worst case scenario, I would put it between $12,000 and $14,000 for BTC. It is currently close to $18,7000 and June lows. Don’t expect a bull market anytime soon. More of a true horizontal market will come. As follows.
What is the latest situation in BTC price?
Meanwhile, cryptocoin.com As we have reported, BTC is trying to hold above $19,000. Sometimes it drops to $18,900, and sometimes it rises to $19,100. At the time of writing, it has lost 0.9 percent in the last 24 hours, changing hands at $18,955. The change in the largest cryptocurrency with its market value in the last 7 days points to a 2.5% depreciation. Time will tell what will happen in the market in the long run.
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