Analysts expect Bitcoin trend change after Fed lays out its 2022 roadmap

Since the currency reached a fresh all-time high of $69,000, year-long expectations for a $100,000 Bitcoin (BTC) price have faded, but traders are not entirely disheartened. Most experts consider the current price range to be an ideal accumulating zone right now.

Markets had been choppy for the past week as investors around the world became increasingly concerned about the Federal Open Market Committee meeting on December 15, but confirmation that the Federal Reserve would implement three rate hikes and gradual tapering in 2022 appears to have been priced into last week’s market volatility.

BTC continues to trade above the $47,000 level, according to the report, and following Chairman Powell’s remarks, the price increased 0.55 percent to $49,000.

Here’s what market professionals predict for the price of Bitcoin now that the Fed’s policy goals for 2022 have been revealed.

Near $46,500, there is a strong base of support

Options trader and pseudonymous Twitter user John Wick provided a more extensive analysis of recent price movement, posting the chart below, which highlights the bullish and bearish reversals that have happened over the previous two weeks.

BTC’s recent price movement, according to Wick, has built “a robust base support,” which is depicted by the yellow horizontal line at $46,588, and is structurally “called a stage 1 base.”

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Wick remarked,”Volatility is expected to rise as well.” An imminent squeeze is a next configuration I’m aiming for. It’s possible that this will come out the same way July did when we put in a stage 1 support. “Fire is the next stage.”

According to independent market analyst Rekt Capital, the present volatility in the market is nothing to be concerned about when compared to historical price action following all-time highs. The market has shown similar drawdowns in past bull markets only to surge higher once the anxiety subsides.

Volatility is par for the course

Crypto Ed NL, a trader, and pseudonymous Twitter user expect a future bounce as well, and he tweeted the graphic below explaining how the market movement may play out in the coming weeks.

“For the next several hours, expect one more leg down into the green boxes before the FOMC, a rally after the FOMC, and the bull run to continue.”

Crypto Bull God, a pseudonymous Twitter user, provided some last perspective by posting the chart below, which compares the current price movement for BTC with how it behaved in September before going on a bullish breakout.

“According to the analyst,”

“I’ve been gazing at this for a few days now. I’m not saying this will happen, but I do see a parallel now compared to September of this year.”