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A widely-held crypto analyst believes that top digital asset Bitcoin (Bitcoin) could follow in gold’s historic footsteps and cause a massive rally.
New video update features DataDash host Nicholas Merten To tell The BTC of his 515,000 YouTube subscribers may eventually hit the six-figure price tag, but be aware that the cryptocurrency king will have to fall further first.
We are likely to start seeing asset trading very similar to gold. Today, especially after a steady decline of around 75%, Bitcoin is very likely to be that asset, and the lowest. But I will explain that it is likely to go down around 80% to 85%.
Then you can have a really green meadow for Bitcoin. [to] The charter into the 6-figure territory that many have been talking about since the last bull market is heading towards $100,000, $200,000, etc. People are starting to lose faith in the global reserve currency, the dollar. It’s from “
Bitcoin’s 85% drop from its all-time high of around $69,000 suggests a fall target of $10,000 per BTC.
Merten says that as inflation continues to ravage global markets, people will start to sour on fiat currencies and shift capital to bitcoin, much like what happened with gold in the 1970s. .
“If the Federal Reserve can’t lead the way in curbing inflation, if the Federal Reserve can’t do that, we’re going to lose faith in not just the dollar, but the world’s various fiat currencies. …
If the dollar doesn’t stabilize, there will be a lot of global liquidity that wants to go somewhere else, and that’s exactly what happened to gold in the 70s. ”
Bitcoin is trading at $20,006 at the time of writing, down 3% in the last 24 hours.
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