Bitcoin will fall to $3,000 before being worth half a million, according to this economist

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Bitcoin will fall to $3,000 before being worth half a million, according to this economist

Key facts:
  • For Dent, bitcoin will not escape a major global financial crisis that is just beginning.

  • Eventually, bitcoin would take over gold as the financial standard.

With bitcoin (BTC) sideways in price over the last few days, the biggest question in the market is what will end up happening to the cryptocurrency: will a significant recovery come or will BTC continue to drop?

An analyst who has been predicting it since the beginning of this year maintains a bearish stance in the short term: it is the economist Harry Dent, who foresaw a great fall in the markets (including that of cryptocurrencies) during this 2022.

In a new interview with an American media, Dent confirmed his position regarding the immediate future of the markets. In fact, he claimed that the recent recovery margin will not be sustained over time. “This is not a correction. This is the beginning of a prolonged bear market », he said about it.

Among his predictions, the founder of HS Dent Publishing set July as the turning point. By that date, he hopes that lower points will have been touched than those seen so far.

That prolonged bear market (affecting stocks, gold, and even bitcoin) would end around the year 2024.according to your predictions. The analyst considers that the economies are weak and there is an “everything bubble” to which bitcoin does not escape.

So, in the short term he sees bitcoin falling to between $3,000 and $7,000 in the next two years. These levels, it should be noted, would represent a negative milestone in the history of cryptocurrency. BTC at those prices would mean that the cryptocurrency fell to levels of the previous market cycle, something that has not happened until now. Seen in perspective, it seems like a very risky prediction.

Dent wouldn’t buy bitcoin despite being ‘opportunity of a lifetime’

After the year 2024, according to Dent’s analysis, the new global financial push would begin, in which bitcoin and assets such as gold would come out winners.

For him, Bitcoin could become the financial standardinstead of gold; basically, because “we are now in a digital economy” in which bitcoin represents “the digitization of all financial assets.”

In the future, with bitcoin “the standard replacing gold in that role,” Dent believes the cryptocurrency could be worth between half a million and a million dollars. The timestamp for that to happen? As soon as the year 2037, when he envisions the great global run to come will reach its apogee.

Although those prices may sound like an arbitrary prediction on Dent’s part, he elaborated: with its price between USD 500,000 or 1,000,000 “it would be enough to dethrone gold as a standard”said to that effect.

“That would be the investment of a life, but I wouldn’t touch it.” It is curious that the investor assured that he “would not touch it” even if it fell to 50% or 60% of current levels, without giving further explanations.

Finally, Dent sees bitcoin and the rest of the markets in the middle of a big bubble, just like analyst Alberto Cárdenas in recent statements to CriptoNoticias. However, multiple indicators of behavior in the Bitcoin network point in the opposite direction: an imminent rise.

Given these different forecasts about the future behavior of the price of bitcoin, it only remains to wait for the market to have the last word, while it is currently trading again above 30,000 dollars per unit.

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