The current uncertainty in the crypto markets makes many people skeptical. More and more investors are worried about the future of the sector. However, economist Harry Dent makes a more or less surprising statement, but one that makes sense when you think about it.
Bitcoin (BTC), a big growing business?
Crypto markets will probably never stop being talked about. Indeed, time passes, events follow one another and despite the decline in prices, cryptocurrencies continue to make headlines. Some analysts keep predicting the crypto crash. However, one in particular thinks it’s a necessary step for digital asset growth.
Founder of HS Dent Publishing, Harry Dent is an economist who needs no introduction. The latter has supported in Rich Dad Radio on August 24 that the crypto sector is the next “big thing”. However, just like Amazon, it needs to fall in order to rise again.
According to him, the current stock market crash could be considered the end of cryptocurrencies, but it is far from the case. Remember that Amazon experienced the same situation with the bursting of the technology bubble in 2000 and today the company is recognized around the world.
BTC could fall further
2021 was undoubtedly the year of success for cryptocurrencies. Many assets hit all-time highs with the bitcoin price explosion. However, Harry Dent had already predicted the stock market crash of 2022 against a backdrop of inflation and rising interest rates. However, he emphasizes that the latter will happen on its own, without recession or economic slowdown.
Nevertheless, the analyst also noted that bitcoin (BTC) would be the most affected asset. He goes even further and sees a price around $7,000. Recall that 2022 does not seem to be favorable for digital assets.
Indeed, the volatility is such that the main crypto is struggling to stabilize above $20,000. After a slight recovery a few days ago, BTC fell back to $21,000 again and is struggling to clear the $22,000 mark.
The second quarter of 2022 has been rough for bitcoin (BTC). After recording the worst returns at -56%, the crypto is struggling to maintain consistency. Even if currently the price is up 1.13% in the last 24 hours, the fact remains that the BTC is far from its exploits. But according to Harry Dent, this is only the process that will lead to the historic price explosion.
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