Ben Armstrong, the founder of BitBoy Crypto, announced the important levels for Bitcoin (BTC), the largest cryptocurrency by market cap. Anticipating a low as low as $10,000, the analyst said that although the Bitcoin price has dropped 60 percent over the year, the crash is not over. Here are the details…
There is a $ 10,000 bottom for Bitcoin
Interviewed at a conference in Dubai, Ben Armstrong pointed to macroeconomic developments in his comments on Bitcoin. He drew attention to the importance of the US Federal Reserve’s (FED) move in December, which increased interest rates by 300 basis points throughout the year. He thinks that the Fed will stop tightening. That’s why he says the markets could bottom out later. According to Armstrong, “pressure from the UN, the world and countries experiencing massive energy crises will result in a decline in December”.
Also, the analyst said that he expects a $14,000 bottom at the end of November, with the Fed announcing that it will stop raising interest rates. Moreover, he does not think that the decline will end at this point. According to the analyst, BTC is at risk of going to $ 10,000. As we have also reported as Kriptokoin.com, Bitcoin is currently trading between $18,000 and $20,000. Armstrong said that Bitcoin will “break down” and reach lower prices before it explodes and hits all-time highs. The analyst used the following statements:
We determined the four-year Bitcoin cycle, where it should be, where it should bottom out, and the price range. Traditionally we get an 85 percent drop for Bitcoin… which is in the range of $10,000 to $14,000. We think it will go to these levels.
How will the midterm elections in the US affect Bitcoin?
Armstrong also claimed that $17,000 is a “psychological” support level. He added that at key support levels, there may be a temporary “opening up” in Bitcoin price as traders buy from a perceived bottom. He pointed out that the upcoming US midterm elections are crucial for the timing of the Bitcoin market bottom. Traditionally, three to five weeks after the midterm elections, we saw a bottom in BTC. Now, he says that BTC is moving in line with this timeframe.
Will Ethereum surpass Bitcoin?
“Flippening” refers to a prediction among some crypto analysts that Ethereum will overtake Bitcoin in terms of market cap. Armstrong said that Flippening is likely to happen, given the “deflationary” nature of Ethereum. “I believe Ethereum’s market cap will replace Bitcoin,” he said. He also pointed out that the merge reduced Ethereum’s inflation rate by 95 percent.
As it is known, Ethereum Merge, which took place on September 15, switched the network from proof-of-work to proof-of-stake. It also reduced Ethereum’s energy consumption. Armstrong said, “Currently, Web3 is Ethereum. Ethereum will surpass Bitcoin by market cap in the next bull run,” he said.
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