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While speaking with Kitco News about the volatility of cryptocurrencies, economist Harry Dent issued a forecast for Bitcoin and the crypto industry. Dent, the founder of HS Dent Publishing, has weighed in on the world’s most popular cryptocurrency, Bitcoin, as have many other economists and crypto specialists. In quoting the coin’s likely lowest and maximum values, he made two bold forecasts.
While projections aren’t always accurate, there is reason to trust Dent’s. Dent forecast a market meltdown in the first quarter of the year around the turn of the year, and he wasn’t far off.
According to Dent’s prediction, Bitcoin’s value will plummet followed by a big increase. He projected that the world’s most valuable digital coin would drop to around $7,000 or $3,000 before rising to around $500,000 or $1 million.
However, his forecast for future market growth is well over a decade. He doesn’t see a substantial worldwide upswing until 2037. He also saw the current crisis as a catalyst for a future financial revolution.
His vision of a future financial revolution is based on the necessity of innovation. He believes that a global digital currency will be required in the future, with Bitcoin serving as the benchmark. He believes 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 huge 56 percent drop in value.
According to a blog post in the Independent, a “crypto winter” could be in the works, as analysts predicted when the market dropped by almost $1.5 trillion. The last time a decline was predicted was in 2018.
After largely trading between $27,000 and $30,000, Bitcoin has found a support zone. Resistance is seen between $33,000 and $36,000. A breakthrough from either zone could result in an upward or downward trend change, causing the price of bitcoin to rise or fall.
Bitcoin had already become legal tender in El Salvador. On Monday, President Nayib Bukele will welcome a number of countries in order to persuade them to adopt the country.