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Reading: Billionaire Palihapitiya Predicts Bitcoin Price Explosion After Federal Reserve’s Surrender
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Cryptodetective > Blog > News > Analysis > Cryptocurrency Market Analysis > Billionaire Palihapitiya Predicts Bitcoin Price Explosion After Federal Reserve’s Surrender
AnalysisBitcoin NewsCryptocurrency Market AnalysisGovernment and Regulations NewsNewsCryptocurrency NewsFinance News

Billionaire Palihapitiya Predicts Bitcoin Price Explosion After Federal Reserve’s Surrender

crypto
Last updated: 2023/02/05 at 2:45 PM
crypto Published February 5, 2023
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Billionaire and investor Chamath Palihapitiya expects more price explosions after what he calls a “surrender” by the US Federal Reserve. In a recent edition of the All-In Podcast, Palihapitiya says that the statements made by Fed Chairman Jerome Powell after the interest rate hike on Wednesday mark a potential end to the interest rate hikes.

Palihapitiya’s Optimism In the podcast, Palihapitiya refers to the changing sentiment at the Federal Reserve. “In December, Powell was extremely hawkish and said that the interest rate would end higher than the market expected and would stay there longer than everyone hoped. He was very clear and the markets reacted to that,” said Palihapitiya, referring to the declines of the last few months of 2022.

“Now we’re 35 or 40 days later and Powell says we’re going to get two more interest rate hikes of 25 basis points and he’s trying to force a soft landing. […] The reality is that he surrendered during the last press conference. The market essentially responded by showing growth, indicating that we’re at the end of the cycle,”

said the billionaire in the podcast.

The Bottom is Behind Us According to Palihapitiya, we saw the bottom for Bitcoin with the price of $15,500 in November. “We’ve talked about this before, but the market often knows six to nine months before it becomes clear that we’ve found a bottom. In the short term, we’re more or less there,” said a clear Palihapitiya.

The investor believes it’s possible that the markets will show what we experienced at the end of 2018 to the beginning of 2019 in terms of price action. This was a period in which Bitcoin and the cryptocurrency market experienced a strong period in general.

“Towards the end of 2018, in the months of October, November, December, the markets fell and that was part of the threat of interest rate hikes by Jerome Powell. […] Shortly after, we got news that China may be facing a period of malaise and Powell surrendered. […] I think we’re going to get a repetition of that, at least partially, in the next 30 days,”

Said Palihapitiya during the podcast

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TAGGED: All-In Podcast, Bitcoin, Chamath Palihapitiya, crypto expert, crypto market, cryptocurrency, Federal Reserve, investment, Jerome Powell, rent hikes

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