Bitcoin Could Reach $333,000 ‘Parabolically’ if This BTC Price Fractal Happens
Bitcoin may not be as unpredictable as inventors assume it to be. A recent forecast by Filbfilb, the Co-Founder of Decentrader, quotes that there is a scope for Bitcoin to reach the mark of $333,000.
If true, then investors can expect it to happen in May 2022. Filbfilb stated the forecast as a part of an update on December 27, 2021.
The only condition that it must satisfy is dependent on the US Federal Reserve hiking the interest rates next year.
Two hikes in the interest rates are expected to happen in 2022 by the US Federal Reserve. This step will have a direct impact on the market valuation of Bitcoin and the US Dollar.
Both the currencies are estimated to gain but only if the Fed fails to raise the interest rate. This will be a scenario of Perfect Storm, as stated by Filbfilb while announcing the forecast.
Another factor that will play an important role will be the high inflation rate. Both the factors combined will provide some room to Bitcoin for touching the mark of $333,000.
Bitcoin price is now predictable as compared to what it was before. The entire market of Cryptocurrency is still considered to be a market with a lot of uncertainties. However, the recent trend has proved that one can predict the value of Bitcoin, to be more specific, easily.
Filbfilb published a tweet to justify this statement. The image had a valuation of Bitcoin as $3,100 from December 2018. Bitcoin was at one of the lowest points in its lifetime, and so was the US Dollar.
It was predicted at that time that both currencies would bounce back stronger. The US Dollar did fairly well because it was easier to study the trend.
Questions were more about the forecast becoming true for Bitcoin.
The current valuation of Bitcoin is somewhere closer to $50,000, something that was forecasted at the end of 2018.
Overall, the prediction did turn out to be true, and it established the fact that one could forecast the rise and fall of Bitcoin in the market. Doubts still surround this fact, as it could have been a lucky guess.
Continuing on the assumption that the forecast was accurate, it would be safe to say that many investors may not have enough Bitcoins for 2022. This has been highlighted by Filbfilb as well.
Bitcoin touching the mark may happen before May 2022. This is in light of the current signals being shown by the market. Bitcoin and the US Dollar have shown an encouraging trend by closing above the moving average for the first time in the last six weeks.
Popular opinion says that the peak for Bitcoin is yet to occur.
A brighter image of the stock market cannot be ignored. According to George Gammon, an author of the Rebel Capitalist Pro investment newsletter, the continuation of the end of the pandemic narrative will give a huge boost to the stock market even if the US Federal Reserve increases the interest rate.