Bitcoin in Pre-Halving Rall, Could Hit $13,000 before May: Analyst
Since October, the Federal Reserve is buying T-bills at a rate of $60 billion per month. The US central bank is also purchasing MBS and TSY maturity investments worth $20 billion, as well as tens of billions in overnight repos. Experts believe the ongoing expansion program could artificially inflate the Dow Jones, Nasdaq, and S&P 500 during the first quarter of 2020. Nevertheless, there might be a point when the Fed either slows down or pauses the swelling of its balance sheet by hundreds of billions of unbacked dollars.
Morgan Stanley, for instance, thinks the Fed would stop the pseudo-QE program in April-May this year, right around the time when bitcoin would see its daily supply rate cut from 1,800 BTC to 900 BTC. Combined with TradingShot.com’s technical take, the dual bullish indicators could push the bitcoin price to or even above $13,000. On the other hand, some analysts do fear that bitcoin could undergo a massive pullback. Willy Woo, who is a partner with Bitcoin fund Adaptive Capital, said the cryptocurrency could slip below $6,000. He though added that the dip would not hurt its long-term bullish sentiment.
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