With Bitcoin (BTC) trading sideways below $30K, retail investors are wondering if the market’s top cryptocurrency will start a rally or if it will continue to decline.
While many analysts indicate that BTC will recover in the short term, for economist Harry Dent, BTC will not recover before facing a big dip.
According to Dent, the current fall in BTC is not a correction, but the beginning of a prolonged bear market. According to him, the cryptocurrency will decline even more significantly in June.
For the economist, this prolonged bear market, affecting stocks and even gold, will end around 2024. The analyst considers that economies are weak and there is an “everything bubble” from which BTC cannot escape.
He sees BTC dropping to between $7,000 and $3,000 in the next two years. This would mean that the cryptocurrency has dropped to previous market cycle levels, something that has never happened in the history of BTC.
BTC will fall but do not sell
However, according to the economist, after the year 2024, the new global financial push will begin, in which BTC and assets such as gold will emerge winners.
For him, BTC could become the financial standard instead of gold, basically because “in 2024 the economy will be even more digital” and BTC will represent “the digitization of all financial assets”.
When that moment comes, and BTC is the “standard” for the digital economy, Dent believes the cryptocurrency could be worth between $500,000 to $1 million, which he says will be in 2037.
Finally, he left a tip for investors:
“BTC is the investment of life. And if I were you, I wouldn’t touch it even if it loses 50%, 60%, or 70% of its value. It can hit $500,000 and replace the gold standard and that represents the investment of a lifetime.”