Going ‘Parabolic’ – Analyst Calling 2020 Crypto Boom Issues Huge Bitcoin Price Prediction After $100 Billion Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon and Solana Rally
BitcoinBTCBTC has surged higher in the past 24 hours, flying in the face of fears that the US may try to “quietly” ban bitcoin and crypto.
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Bitcoin price has added 8% since this time yesterday, leading an etheruem, BNBBNB, XRPXRP, cardano, dogecoin, polygon and solana price rally and adding around $100 billion to the combined crypto market in recent days.
Now, a former Goldman Sachs and Morgan Stanley MS analyst who correctly called the bitcoin price boom in 2020 has predicted that bitcoin is poised to go “parabolic” – potentially pushing the price back to near the end of the 2021 highs.
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“Bitcoin is breaking out from a long base formation. There is a saying that the bigger the base, the higher up in space,” said William Noble, now director of research at Emerging Assets Group. Coindesk. “Bitcoin May Go From Consolidation To Another Parabolic Move Back To $56,000.”
Bitcoin prices have crashed over the past year, falling from a peak of nearly $70,000 per bitcoin in late 2021 to a low of $15,000 in December as the Federal Reserve raises interest rates.
The collapse of bitcoin and crypto companies last year, culminating in the shock implosion of major exchange FTX, meanwhile, has dampened bitcoin and crypto sentiment as the industry finds itself at a regulatory crossroads.
This year, analysts’ predictions that the Fed may scale back its interest rate hikes this year to stave off a recession have fueled a rally in bitcoin that has sent some smaller cryptocurrencies into big gains.
“2023 could be a surprisingly good year for both crypto and stocks,” Noble added.
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However, data this week showing that inflation has not come down as quickly as expected could mean that a rally in bitcoin and crypto prices is “postponed”.
“Everyone is hoping that crypto spring is here,” bitcoin and crypto trader Thomas Kralow said in emailed comments. “However, with the recent Consumer Price Index (CPI), we can be confident that the bull market is likely to be delayed.”
This week, the latest US CPI reading showed prices rose at a 6.4% pace in January compared to a year earlier, a smaller-than-expected decline.
“2023 will be volatile, while 2024 could potentially be the start of the next bull market,” Kralow said, pointing to “global adoption, institutional participation and the stock of value affirmation narrative” as the driver of the next bull market.
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