MichaelNnaji

Bitcoin to $15,000. Price likely will range $24-28k

Short
BNC:BLX   Bitcoin Liquid Index
As the Federal Reserve ratchets up its tapering efforts, I expect bitcoin to descend further down and bottom out somewhere closer to $14,000 I don't expect it to stay in that area($14k-20k) for too long. It is more likely price stabilizes and ranges in the $ 20,000s($24k-$28k). Once the Fed realizes its policy error and is forced to open the tap again by resuming quantitative easing sometime within the next 12 months. I expect all risk assets after a substantial move downwards of which for bitcoin, I am targeting a move to the downside of almost 60% to $14,000 after which it should resume ascent towards $120,000-160,000 per bitcoin. The eurodollar futures market is already expecting the Fed to ease by 2024. I expect something in the economic engine to break sooner forcing the fed to reverse course towards quantitative easing pending any other exogenous shock-like (WW3, Runaway inflation triggering another great depression type economic event)

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.