Speaking with Kitco News about the volatility of the cryptocurrency, economist Harry Dent released a forecast for the bitcoin and crypto industry. Dent, the founder of HS Dent Publishing, weighs in on the world’s most popular cryptocurrency, bitcoin, as have many other economists and crypto experts. Quoting the possible minimum and maximum values of the coin, he made two bold predictions.
While estimates aren’t always accurate, there is reason to rely on Dent. Dent predicted a market downturn in the first quarter of the year around the end of the year, and that was not far off.
According to Dent’s prediction, the value of bitcoin will decline after a massive increase. He estimated that the world’s most valuable digital coin would drop to $7,000 or $3,000 before rising to around $500,000 or $1 million.
However, his forecast for future market growth is over a decade. He doesn’t see a substantial worldwide boom until 2037. He also saw the current crisis as a catalyst for the financial revolution of the future.
His vision of the future financial revolution is based on the need for innovation. He believes that there will be a need for a global digital currency in the future, in which bitcoin will serve as the benchmark. He believes that bitcoin has the potential to compete with paper money.
bitcoin price action
Bitcoin reached an all-time high (ATH) in November 2021, when it surpassed $65,000. The world’s most valuable coin is currently trading below the $30,000 threshold, representing a massive 56 percent drop in value.
According to a blog post in the Independent, a “crypto winter” could be in the works, just as analysts have predicted, when the market will drop by about $1.5 trillion. The fall was last predicted in 2018.
After a massive trade between $27,000 and $30,000, bitcoin has found a support zone. Resistance is seen between $33,000 and $36,000. A breakout from either area can result in a change in the up or down trend, which can cause the price of bitcoin to rise or fall.
Bitcoin had already become legal tender in El Salvador. On Monday, President Nayib Bukele will welcome several countries to celebrate the country’s adoption.