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Imminent collapse of Bitcoin: a prophecy by Harry Dent

Tue 11 Apr 2023 ▪ 3 min of reading ▪ by La Rédaction C.
Getting informed Trading

Bitcoin again, bitcoin always! The queen of cryptos keeps getting more and more attention these days. However, be careful! Some analysts predict its imminent collapse despite its sustained rise over the past few weeks.

2 bitcoin coins

Bitcoin could crash by July 2023

This is probably not the news any Bitcoiner wants to hear while their favorite asset is in the spotlight. But unlike many fortune-tellers in the bitcoin (BTC) ecosystem, Harry Dent is predicting a collapse of the queen of cryptos. A prediction that also applies to the stock market sector.

According to this investor, this wreck will originate in the financial sector. It will have such an impact on the global economy and its effects will be felt in the BTC market. The crash, which Dent predicts will take place in July of this year.

After that, bitcoin should recover and become a benchmark for international economic transactions. Without this set of circumstances, Dent believes that the leading crypto could not see its valuation explode as envisaged by several crypto community members.

For him, a number of situations support his logic. The first is that there has already been a comparable, quite outstanding background. While it was not the uncontested leader in online sales in 1997, Amazon was able to take advantage of the Internet boom. The firm was thus able to impose itself on this market.

The second situation, which is more recent, is related to bitcoin itself. By 2021, the crypto had achieved an XXL performance by reaching a record valuation of $69,000. “This is just the baby bubble in a longer boom that will not peak until the 2030s, when US Millennials peak in their spending cycle…” he said.

Based on this evidence, the investor sees “I see Bitcoin becoming the standard for a digital global economy. Gold in the past was this monetary standard in a more material less information intensive economy. Gold cannot be that standard. It’s not the new economy.” “Bitcoin is the new economy and it’s big enough to be that standard, and that’s that’s why I see Bitcoin will survive.” Harry Dent concludes.

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La Rédaction C. avatar
La Rédaction C.

L'équipe éditoriale de Cointribune unit ses voix pour s’exprimer sur des thématiques propres aux cryptomonnaies, à l'investissement, au métaverse et aux NFT, tout en s’efforçant de répondre au mieux à vos interrogations.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.