Following the volatility of cryptocurrencies, economist Harry Dent made his prediction of Bitcoin and the crypto market while speaking to Kitco News.Dent, founder of HS Dent Publishing, like many other economists and crypto-analysts, has his take on the world’s leading cryptocurrency, Bitcoin. He made two bold predictions by quoting the possible lowest and highest values of the coin.
Dent’s Bitcoin Price Prediction
While predictions aren’t always accurate, there’s a reason to have confidence in Dent’s. At the turn of the year, Dent had predicted a market crash in the first quarter of the year and he was not far off the mark.
According to Dent’s prediction, the decline in Bitcoin’s value would be followed by a significant rise in its value. He predicted that the world’s largest digital currency would fall to $7,000 or $3,000 and later rise to about $500,000 or $1 million.
However, his projection of the future market boom is more than a decade. He doesn’t expect a significant global boom until 2037. He also analyzed the current situation as a driving force for a future financial revolution.
His concept of a future financial revolution is based on the idea of the need for innovation. He believes that in the future there will be a need for a global digital currency with Bitcoin posing as the default. He believes Bitcoin can compete with printed money.
Current Bitcoin Price Analysis
Bitcoin price hit an all-time high (ATH) after soaring above $65,000 in November 2021. Currently trading below $30,000, the world’s leading currency has recorded a massive decline in value, amounting to about 56%.
According to a blog post in the Independent, there could be a “crypto winter” as speculated by analysts after more than $1.5 trillion was lost in the market following the downturn. The last warning of a downturn was in 2018.
Bitcoin has found a support zone after trading mostly around $27,000 and $30,000. Conversely, the resistance is between $33,000 and $36,000. A breakout from either zone could trigger an upward or downward trend change that would cause bitcoin price to rise or fall.
El Salvador had already adopted Bitcoin as legal tender. President Nayib Bukele would receive a number of countries on Monday to convince them of a possible adoption.
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years. Previously, he was a co-founder of Govt. of India supported startup InThinks and is currently editor-in-chief at Coingape and CEO at SquadX, a fintech startup. He has published over 100 articles on cryptocurrency and blockchain and has assisted a number of ICOs in their success. He co-designed an industry training for blockchain development and has conducted many interviews in the past. Follow him on Twitter @shamasunil8114 and contact him at sunil (at) coingape.com
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Bitcoin Price Could Be As Low As $7,000 Before The Next All Time High: Economist
was published first on https://coingape.com/bitcoin-price-could-hit-as-low-as-7000-before-next-all-time-high-economist/