Analyst Ben Armstrong, founder of Bitboy Crypto, made predictions about the market at the Blockchain Summit in Dubai. Armstrong revealed his price predictions for Bitcoin and Ethereum. He also talked about crypto regulation, macroeconomic outlook and altcoins he is interested in. Apart from that, another cryptocurrency analyst also shared his thoughts. Here are the details…
Armstrong awaits these local bottoms and tops in Bitcoin
Ben Armstrong pointed out the importance of the recent range in Bitcoin price. It has moved in a range of $19,000 to $20,000 over the past year, and Armstrong pointed out that the largest cryptocurrency has never been in a range for this long. So, when will it come out of this range? The analyst expects BTC to drop first. It draws attention to the $14,000 levels.
But then, he expects BTC to rise. Because, according to Armstrong, there are many people waiting for BTC to drop to these levels. Therefore, the coin may bounce from this level due to purchases. On the upside, it draws attention to a range of $32,000 to $50,000. Armstrong also points to an interesting timeline for Bitcoin’s bottom. According to Armstrong, once every four years, within 2-3 weeks after the presidential election in the USA, the value of BTC finds the bottom of the cycle.
“Ethereum is superior to Bitcoin”
The analyst, who thinks that BTC will stabilize in December after the low level expectation in November ($ 14,000), attributes this to the statements about the FED interest rate hike. As it is known, the FED will make interest rate statements at the beginning of November and in the middle of December. You can see the FED’s calendar in the near future in this article that we prepared as Kriptokoin.com. The analyst also says that he thinks Ethereum (ETH) is superior to Bitcoin. The analyst believes that in the next bull cycle, ETH will overtake Bitcoin by market cap.
CoinPayments CEO: Crypto winter won’t last forever
On the other hand, Sean Mackay, CEO of CoinPayments, shared his expectations for the cryptocurrency winter. Currently, most of the macro conditions are affecting cryptocurrencies, according to Mackay. The correlation between cryptocurrencies and tech stocks doesn’t help either. However, Mackay conveyed his positive sentiment towards Bitcoin’s long-term halving in 2024. According to Mackay, the market can recover with the halving in BTC.
Finally, Mackay talked about the acceptance of cryptocurrencies as a means of payment. According to Mackay, although countries such as El Salvador and the Central African Republic accept Bitcoin as a legal tender, there are still many hurdles that must be overcome for Bitcoin to become a widely adopted tool. In particular, Bitcoin’s Blockchain technology is still too slow and costly to process transactions efficiently.
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