(Kitco News) – In Bitcoin The price has fallen by 60 percent over the year, said Ben Armstrong, founder of BitBoy Crypto, but the crash is not over yet, and he expects the price to reach $10,000.
He added that the Fed, which has raised interest rates by 300 basis points over the course of the year, will pause its tightening in December, causing markets to bottom out after that.
“The pressure is from Cathy Wood, from the United Nations, from the world, from countries that are experiencing massive energy crises right now. [will result in pressure] “The Fed is going to announce that they are going to stop raising rates…so at the end of November we expect a bottom around $14,000, but it could definitely go to $10,000,” Armstrong said in December.
Armstrong spoke with Michelle McCurry, Editor-in-Chief and Lead Broadcaster at Kitco News, at the Future Blockchain Summit in Dubai.
Before Bitcoin If it breaks out and reaches all-time highs, Armstrong said, it will “collapse” all the way to lower prices.
“We made a map for four years [Bitcoin] cycle, specifying where it should be, where it should be, and the price range,” he explained. Traditionally we get an 85 percent reduction Bitcoin… [which is] Range from $10,000 to $14,000. This is where we think he’s going.”
Bitcoin is currently trading between $18,000 and $20,000.
Armstrong also claimed $17,000 as “psychological” support, and added that at key support levels there could be a temporary “pop” in the price of Bitcoin, as traders buy it at the perceived bottom.
He cited the upcoming US midterm elections as crucial to the timing of the bitcoin market bottom.
“Three to five weeks into the midterm elections is the time when we’ve seen traditionally Bitcoin He said, “Now [Bitcoin] It started to go along with that time scale.”
Will Ethereum Flip Bitcoin?
‘Flippening’ is a prediction, among some crypto analysts, that Ethereum will overtake Bitcoin in terms of market capitalization.
Armstrong said a reversal is more likely, given the deflationary nature of Ethereum.
“I think the market capitalization of Ethereum, as we call it, will flip Bitcoin,” he said. “The merger… lowered the inflation rate [of Ethereum] by 95 percent.
The Ethereum Merge merge, which took place on September 15, transformed the network from Proof of Work to Proof of Stake. It also reduced the power consumption of Ethereum.
“For now, Web3 is Ethereum,” Armstrong stated. “It is a no-brainer… Ethereum will pass Bitcoin in market value in this next uptrend.”
To see Armstrong’s Ethereum price target, as well as his favorite altcoins, watch the video above.
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