‘Critical Moment’ – Shock Crypto Price Prediction Revealed As Bitcoin And Ethereum Brace For Volatility

Bitcoin, ethereum and other major cryptocurrencies have moved wildly in recent weeks as the Federal Reserve’s increasingly hawkish stance puts pressure on markets, with a dogecoin blowout taking traders by surprise.

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Bitcoin price bounced around $40,000 per bitcoin through April, finding no firm ground above the closely watched level. Ethereum price meanwhile is hovering above $3,000 per ether even as a long-awaited Ethereum upgrade was pushed back again this week.

Now, after a crypto exchange founder warned of “crypto carnage”, the chief executive of crypto lending company Nexo has released a huge crypto price prediction, with a crypto analyst describing the market as “at a critical moment”.

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Bitcoin Price Could Surge Above $100,000 “Within 12 Months,” Nexo’s Antoni Trenchev Says CNBC this week, the addition of a stock market “crash” would likely force the Fed “back to easing in no time”.

In January 2020, Trenchev made a bitcoin price prediction of $50,000 by the end of the year, which was only two months lower. “Everyone was laughing at me,” he added. Bitcoin price surpassed its previous all-time high of $20,000 in December 2020, reaching $50,000 in February 2021.

Despite his long-term bullish Bitcoin price forecast, Trenchev is “worried” that Bitcoin price could fall back in the coming months, falling along with traditional markets as the Fed scales back its era-unprecedented stimulus package. Covid and starts raising interest rates.

Trenchev’s warning echoes other crypto market watchers who fear that the latest cryptocurrency bull market may be over.

“Even though several Fed members continued to express support for monetary tightening this week, market inflation expectations have not declined and continue to fluctuate sideways at elevated levels,” said analyst Yuya Hasegawa. of the crypto market at bitcoin and Tokyo-based crypto. Bitbank exchange, wrote in an emailed note.

“The back and forth between inflation hedging and monetary policy tightening will likely continue to force bitcoin to fluctuate within a range.”

Data this week showed that the US consumer price index climbed 8.5% in March, the highest rate in four decades, with the White House warning that inflation is “extraordinarily high”.

As the Fed grapples with inflation, bitcoin and crypto traders are eyeing key support levels to better understand where the market might be headed.

“Bitcoin is trading near the support level, which crosses the lows of January, February and March,” wrote Alex Kuptsikevich, senior financial analyst at FxPro, in comments via email. “A formal signal to break support will be considered a failure below previous lows in the $38,000 per bitcoin area. The ability to develop an offensive reversal from these levels, on the contrary, will reinforce the importance of this moderate uptrend line. .”

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However, the decline in bitcoin price over the past few weeks shows that the Russian momentum from March has faded.

“The fall in the price of bitcoin, which is now below $40,000, has many people wondering if the cryptocurrency bull market that started in early March is indeed over,” said William Lee, chief researcher at the Huobi Research Institute. Initiated.

“The market is at a critical juncture, and this will determine the future direction of bitcoin prices. From a macro perspective, it was the Russian-Ukrainian war and its currency substitution effect that led to bitcoin’s price surge in March, as many citizens exchanged their Russian ruble for bitcoin to mitigate the effects of ruble devaluation and US and EU sanctions.”

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‘Critical Moment’ – Shock Crypto Price Prediction Revealed As Bitcoin And Ethereum Brace For Volatility

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