Top digital asset Bitcoin (BTC) could follow in gold’s historical footsteps and spark a massive rally, according to a widely followed cryptocurrency analyst.
In new video update, host of DataDash Nicholas Merten Tell His 515,000 YouTube subscribers BTC could eventually hit a six-figure price tag, but he noted that the cryptocurrency king would fall further first.
“We may start to see an asset trading very similar to gold. Today I’m going to show how bitcoin is that asset, especially after a steady decline of 75% or so far, and probably at least 80% To an 85% drop…
After that, we can have real green pastures for Bitcoin, start [to] Going into the six-figure territory that a lot of people have been talking about since the last bull run, $100,000, $200,000, you name it, because people are starting to lose faith in the base currency, the U.S. dollar is the world’s reserve currency. “
Bitcoin is down 85% from its all-time high around $69,000, indicating a downside target of $10,000 per BTC.
Merten said that as inflation continues to ravage global markets, people will begin to dislike fiat currencies, causing them to move their funds into bitcoin, as happened with gold in the 1970s.
“If the Fed can’t take the lead in cooling inflation, if the Fed can’t do that, we will not only lose faith in the dollar, we will also lose faith in fiat currencies around the world…
If the dollar isn’t stable, there’s a lot of global liquidity that wants to go somewhere, and that’s what happened with gold in the ’70s. ”
At the time of writing, Bitcoin is changing hands at $20,006, down 3% over the past 24 hours.
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