Bitcoin again, bitcoin forever! The queen of cryptos keeps crystallizing interest right now. However, beware! Some analyzes predict its imminent collapse despite its sustained surge in recent weeks.
Bitcoin could crash by July 2023
This is probably not the news a bitcoiner wants to learn while their favorite asset is in the spotlight. But unlike several fortune tellers in the bitcoin (BTC) ecosystem, Harry Dent announces a collapse of the queen of cryptos. A prediction that also applies to the stock market.
According to this investor, this shipwreck will have its source in the financial sector. It will have such an impact on the global economy and its effects will be felt in the BTC market. A crash which, according to Dent forecasts, will take place next July.
Thereafter, the bitcoin should regain the hair of the beast to establish itself as a reference in international economic transactions. Without this combination of circumstances, Dent believes that the flagship crypto could not see its valuation explode as several players in the crypto community envisage.
For him, several situations support his logic. The first is that there has already been a comparable, quite remarkable antecedent. While it was not the undisputed leader in online sales in 1997, Amazon was able to take advantage of the internet boom. The firm was thus able to impose itself on this market.
The second, more recent situation is related to bitcoin itself. In 2021, the crypto had achieved an XXL performance by reaching a record valuation of $69,000. “This is just the first bubble in a longer boom that won’t peak until the 2030s, when America’s millennials hit the peak of their consumption cycle.”did he declare.
Based on these elements, the investor sees “bitcoin becoming the standard for the global digital economy”. A bit like gold was, in the past, the barometer of a monetary economy based more on material than on information. “Bitcoin is the new economy and it’s big enough to be that standard, and that’s why I think bitcoin will survive”concludes Harry Dent.
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