Going ‘Parabolic’—Analyst Who Called 2020 Crypto Boom Issues Huge Bitcoin Price Prediction After $100 Billion Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon And Solana Rally

Bitcoin
BTC
it has shot higher in the last 24 hours, soaring in the face of fears that the US could be trying to “quietly” ban bitcoin and crypto.

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Bitcoin price has added 8% since yesterday, leading ethereum, BNB
bnb
XRP
XRP
cardano, dogecoin, polygon, and solana all spike prices and add around $100 billion to the combined crypto market in the past few days.

Now a former Goldman Sachs and Morgan Stanley
MS
The analyst who correctly labeled the bitcoin price boom of 2020 has predicted that bitcoin is about to go "parabolic," potentially sending its price back close to its late-2021 highs.

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"Bitcoin is breaking out of a long base formation. There's a saying, the bigger the base, the higher up the gap," William Noble, now director of research at Emerging Assets Group, said Coindesk. "Bitcoin may turn from consolidation to another parabolic move back to $56,000."

The bitcoin price has plummeted over the past year, going from a high of nearly $70,000 a bitcoin in late 2021 to a low of $15,000 in December of last year when the Federal Reserve raised interest rates.

The collapse of bitcoin and crypto companies last year, culminating in the implosion of major stock exchange FTX, meanwhile, has undermined bitcoin and crypto sentiment as put the industry in the regulatory crosshairs.

This year, analyst predictions that the Federal Reserve could cut its interest rate hikes this year to stave off a recession have helped fuel a bitcoin price rally that is made some smaller cryptocurrencies make outsized profits.

“2023 could be a surprisingly good year for both cryptocurrencies and stocks,” Noble added.

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However, data this week showing that inflation has not come down as fast as expected could mean that a bull run in bitcoin and crypto prices is “postponed”.

“Everyone hopes that cryptocurrency spring is here,” bitcoin and cryptocurrency trader Thomas Kralow said in emailed comments. "However, with the new reading of the consumer price index (CPI), we can be sure that the bull market is likely to be postponed."

This week, the latest US CPI reading showed prices rose at a rate of 6.4% in January compared to a year earlier, a smaller-than-expected decline.

“2023 will be volatile, while 2024 can potentially be the start of the next bull market,” Kralow said, pointing to the “global adoption, institutional buy-in and store of value reaffirmation narrative” as the driver of a futures price of bitcoin and ethereum. meeting.