By
Steve Muchoki
April 19th, 2024
Some analysts recently weighed in on Bitcoin price prediction as the prominent token appears set to embark on another rally.
Bitcoin (BTC) price prediction sees some analysts argue that the leading digital currency could hit $100,000. As it stands, BTC has found support at the $24,000 threshold after climbing from under $20K over the past few weeks. Amid talks of a bullish rally, Capriole chief executive Charles Edwards argues that the popular crypto is on a “bump & run reversal.” According to Edwards, this pattern demands substantial upside and could be a ‘textbook perfect’ BTC price move.
Bitcoin Price Prediction
Bitcoin initially surpassed $26K to hit a new nine-month high this week and is on course for an unconventional recovery. Although the leading token is under $25K, analysts already believe the worst from the 2022 bear market is over. Accompanying charts in the longer timeframe show BTC/USD in the advanced stages of its trend break, consolidating a key resistance/support flip. Despite the warranted optimism on the BTC price trajectory, Edwards still preaches caution. According to him, the bump-and-run strategy could fail like any other chart pattern. Therefore, investors should not use this guidance as a trading or investment strategy basis.
Meanwhile, from a traditional financial standpoint, JPMorgan allegedly predicts that the crypto market could benefit from a pending fiscal scheme. A Twitter user recently said that the banking giant is banking on the Federal Reserve’s emergency loan program propping up the crypto space. According to Callistemon, this loan scheme could inject $2 trillion into the US banking system, which in turn, potentially boosts the crypto market.
Bitcoin Rallies Ahead of Fed March 22nd Meeting
Bitcoin rallied 48 hours ago ahead of the Federal Reserve’s inflation-focused meeting next week. At the time, the crypto surged past $26K and had analysts pondering whether its momentum could take it to $30,000. However, this price run was slightly eroded after the $311 million crypto market liquidation.
The US banking crisis has significantly bolstered bitcoin price volatility and the broader crypto market. The government recently printed $25 billion to bail out Silicon Valley Bank and Signature Bank by providing depositors with liquidity. This development also led analysts to believe that Washington’s stance toward curtailing inflation was waning. As experienced trader Peter Schiff observed on Monday:
“Thanks to the Fed’s bank bailout, now all US bank deposits are at risk. That risk comes not from bank failure but from inflation. The value of all bank deposits will fall as inflation socializes the losses. Anyone with savings in a bank should withdraw it fast and buy gold.”
Ark Invest founder Cathie Wood shared a similar sentiment. She pointed out the rise of the crypto industry amid traditional banking turmoil. According to Wood, “Regulators have focused investors on the threat that crypto poses to users, but this weekend turned that theory upside down. As a single point of failure in the US banking system, SVB became the threat to stablecoins and the DeFi ecosystem when it broke Circle’s USDC peg to the dollar.”
The price of Ethereum (ETH) is also on the upswing after breaking through the $1,700 barrier. However, as of press time, the leading altcoin traded a hair above $1,600 after seeing a minor retracement.