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According to the US central bank: Analysts expect a turnaround in Bitcoin



Traders are hoping for a rebound now that the US Federal Reserve has confirmed that there will be three rate hikes and a reduction in bond purchases in 2022.


Forecasts of a Bitcoin ( BTC ) price of $ 100,000 have been silent since the asset hit its all-time high of $ 69,000. But traders are not yet completely discouraged. Currently, most analysts view the current range as an optimal accumulation zone.


Markets were a little choppy last week as investors around the world became increasingly excited about the December 15th meeting of the Federal Reserve's Open Market Committee. But it has now been confirmed that the US Federal Reserve plans three rate hikes and a gradual reduction in bond purchases in 2022. That made for some calm. 


Data from Cointelegraph Markets Pro and TradingView show that BTC price continues to hold above the support at $ 47,000 and, according to Chairman Powell, the price rose about 0.55 percent to $ 49,000.  


But what do market analysts expect for the BTC rate, now that the US Federal Reserve's plans for 2022 have become public? 


Solid support at $ 46,500


The option traders and Twitter users John Wick analyzed the recent performance and invited the chart below high . This shows the upward and downward movements of the last two weeks.


According to Wick, BTC's recent price action has established "solid support". This is represented by the yellow horizontal line at $ 46,588 and is referred to as "Base Level 1".


Wick explained:


"We can assume that volatility will also increase. The next constellation I'm betting on is an imminent squeeze. This could develop in the same way as it did in July when we reached level 1 support. The next level will be very hot."

Expected volatility


Compared to past price developments after all-time highs, the current volatility in the market is no cause for concern, according to the independent market analyst Rekt Capital. He wrote on Twitter that the market had seen similar jumps in previous bull markets. When the fear subsides, it rises sharply.


The trader Crypto Ed_NL also believes an increase and posted the following chart, which shows how the price could develop in the next few weeks.


"Expectations for the coming hours: Another drop in the green boxes before the FOMC meeting, an upturn after the FOMC meeting, and the bull run continuing."



Similarities to BTC price development from September


The crypto investor Crypto Bull God has already formed an opinion and posted the chart below. In this he compares the current price development of BTC with the development in September before the price broke out.


The analyst said:


"I've been looking at it for the past few days. I'm not claiming that it will happen that way, but I do see a similarity between the current state and development in September of this year."


Nobody can know for sure how things will turn out in 2021. But a possible sign that BTC could still end the year strong, has highlighted the Cointelegraph employee Michaël van de Poppe on Twitter.


The total market cap of all cryptocurrencies is now 2.152 trillion. US dollars and Bitcoin's market share is 41.6 percent.

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