Bitcoin investors have already seen strong fluctuations this year. The oldest cryptocurrency has now digested the crash in March, but there is currently no clear upward trend. That could change if the crypto event of the year took place, an expert believes.
• Bitcoin will probably benefit from the halving event
• Expert believes that $ 300,000 is possible
• The following price decline is also likely to be more moderate
In an interview, financial analyst Preston Pysh recently appeared surprisingly bullish on Bitcoin’s long-term price performance. He believes the number 1 cryptocurrency will have significantly more potential than other Bitcoin bulls in the coming years.
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After the halving 6-digit dollar heights possible
In the podcast interview with host Nathan Lathka, Pysh refers to one of the crypto events of the year, the bitcoin halving. In the course of this, the block reward for Bitcoin miners is halved, from this point in time miners only get half, i.e. 6.25 BTC, for mining a Bitcoin.
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The event is pre-programmed, such an event occurs every 210,000 blocks, which means on average every four years. The Bitcoin community has high expectations in advance, because it is generally assumed that halving the block reward goes hand in hand with rising Bitcoin prices.
This is also believed by Preston Pysh, who believes that Bitcoin can make a massive price jump. “Do I think it will only go up to $ 100,000 and then stop? Damn no. It will go right through that number. It will probably go up to $ 200,000 to $ 300,000,” said the financial analyst .
And even if he believes that the new highs will lead to falling prices again, his forecasts for the price decline are still much more moderate than those of other experts. Pysh believes that bitcoin will hold between $ 80,000 and $ 100,000 until the next halving in four years.
Bitcoin as profiteer of the dollar weakness
The expert also pointed to a weakness in the greenback. The decline in the value of fiat currencies is actually seen by many other experts as a price driver for Bitcoin. Central banks worldwide have announced historic measures to cushion the impact of the corona pandemic on the global economy. These lead to a flood of liquidity, which nourishes investors’ concerns about inflation. gold, but also Bitcoin, are the profiteers in this market environment, an escape from investors in Bitcoin & Co. is possible
In addition, the increasing acceptance in the mainstream is likely to be pushed by inflation worries and further help the Bitcoin price.
It remains to be seen whether the Bitcoin price will actually go up to $ 300,000; most experts’ forecasts are significantly lower in some cases.
Editorial office finanzen.ch
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