Sentiment may be slowly moving back in the right direction at the moment, but that doesn’t mean everyone is optimistic. If you ask Wifey Alpha, popular on Twitter, it is even waiting for new lows for bitcoin. She expects us to tap a price of perhaps $25,000 before we will fall back again.
From $25,000 to $15,000
At the time of writing, Wifey Alpha notes that momentum is in favour of the bulls. However, that does not take away from the fact that under the bonnet, she believes there is too much bearish momentum. Take macroeconomic conditions, for example, which are still not in favour of bitcoin.
While inflation is currently declining, it has certainly not disappeared. In addition, it remains to be seen whether we have yet felt the full effects of the Federal Reserve’s interest rate hikes. There is a chance that the real pain is yet to come.
That pain would then potentially translate into a recession and that is usually not a good scenario for financial asset prices. On the other hand, bitcoin has never experienced a recession and it is also possible that bitcoin will actually fare well at the time of a global recession.
Wifey Alpha predicted this back in October
The striking thing is that Wifey Alpha predicted back in October 2022 that bitcoin would climb from the low prices of that time to its current price of more than $22,000. She also predicted back then that the peak of this uptrend would be at $25,000. The latter remains to be proven, of course, but she makes impressive calls more often than not. This is clearly an experienced trader, working under a pseudonym on Twitter.
— Wifey (@WifeyAlpha) January 29, 2023
In the above tweet, see the range of rates Wifey Alpha predicted for bitcoin back in October. In it, she obviously did not take into account the collapse of FTX, but still foresees a rate of $15,000 for the future. Only time will tell whether she is right, but consider it mainly a warning not to get too bullish right away.
-
Gabriele Spapperi is a veteran cryptocurrency investor and blockchain technology specialist. He became fascinated with Bitcoin and distributed ledgers while studying computer science at MIT in 2011.
Since 2013, Gabriele has actively traded major cryptocurrencies and identified early-stage projects to invest in. He contributes articles to leading fintech publications sharing his insights on blockchain technology, crypto markets, and trading strategies.
With over a decade of experience in the crypto space, Gabriele provides reliable insights and analysis on the latest developments in digital assets and blockchain platforms. When he's not analyzing crypto markets, Gabriele enjoys travel, golf, and fine wine. He currently resides in Austin, Texas.