Here’s a quick rundown. Cryptocurrencies are in a bear market, but there is still hope. CryptoStackers’ creator, Forrest Przybysz, outlines his market outlook. It predicts Bitcoin and Ethereum’s lowest prices and next moves.
CryptoStackers founder and CEO Forrest Przybysz believes digital tokens are in a bubble. He just assumed it will expand.
Przybysz projected in November that Bitcoin (BTC) will hit $120,000 in early 2022. The world’s largest cryptocurrency was trading about $50,000 at the time. Przybysz, however, told Insider he was unconcerned. He saw bitcoin drop to $44,000, then skyrocket before plummeting.
Then it fell — but not by $120,000. Bitcoin is currently trading in the upper $30,000s, surprising crypto bulls everywhere. Altcoins are also in bear territory.
With his method mainly based on previous crypto market cycles’ charts, Przybysz is confident in his methodology.
In a recent interview with Insider, Przybysz suggested that it is reasonable to expect parabolic gains. A risk-reward concept underpins his work, and individuals must understand the benefit and compare it to the danger. They just viewed the danger scenario instead of the reward scenario.
Next for Bitcoin
Fear, uncertainty, and doubt, or FUD, loom over the market, according to Przybysz, and further swings are anticipated.
Przybysz show Bitcoin will bounce soon. In short, the token has been oversold, which means the pendulum has swung too far and fast. A week or two from now, Przybysz anticipates Bitcoin will surpass its current high of $30,000.
Bitcoin hasn’t hit rock bottom yet, but Przybysz thinks it’s close He’ll buy Hand over Fist if he’s wrong and the token sinks to mid-$20,000.
Przybysz thinks a crypto winter, in which prices and sentiment fall and stay low, is moderately plausible now. If the feared disaster occurs, he estimates Bitcoin will take around eight months to recover. Przybysz believes a repeat of earlier crypto winters is unlikely.
Przybysz expects Bitcoin will hit new highs in the next year and a half. And he doesn’t think Bitcoin will hit new highs before the US midterm elections in November.
Based on current prices, Przybysz expects Bitcoin to hit $90,000 or $100,000 by year’s end. Instead, Przybysz expects the digital asset will hit an all-time high of over $70,000, with the current mean level at $51,000.
Przybysz believes the bull market will return quickly if US regulators allow a Bitcoin ETF. This would allow investors to gain exposure to bitcoin without shifting cash to a cryptocurrency exchange. A reputable Bitcoin ETF might attract new investors, pushing the token towards the six-figure level.
Next for ETH
Ether, the original Ethereum token, is the second most valuable cryptocurrency. Przybysz says it’s a separate animal. He noted that unlike Bitcoin, the smart contract platform’s crypto has no finite supply.
However, Przybysz believes that Ethereum’s recent switch to Proof-of-Stake protocols will significantly restrict the supply of Ether. He believes Ethereum will remain popular among crypto enthusiasts as non-fungible tokens and other altcoins become more popular.
Przybysz estimates the ether ground level at $1,400-$1,700 for a $26,000 bitcoin. Forrest Przybysz is bullish on Ether, anticipating a price between $6,000 and $8,000, well above its current or $2,550 and all-time high or $4,891. Przybysz believes a return of the Ether mean, or roughly $3,700, is a safer investment.
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