Not everyone is convinced of new bull market for bitcoin

Last Updated: 30 January 2023

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.

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

    I first came into contact with Bitcoin in 2017 - and since then, the topic of cryptocurrencies has never left me. For this reason, I have also made BTC & Co. part of my profession and write as a freelance author for crypto publications.

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