Cryptocurrency trader very often Michael Van De Poppe anticipates a significant increase in Bitcoin BTC/USD value, drawing parallels with historical business cycles and the current state of the U.S. economy.
What happened: Van de Poppe compared the current Bitcoin cycle to the gold cycle of the 1930s and the dotcom crash in 2000. He suggested that Bitcoin’s impact will be massive in the coming decades, negating the possibility of a potential crash.
“Markets are preparing for the biggest bull market in history – the last bull market before the big crash happens,” he said.
The trader also highlighted the weakening of the US economy, attributing it to a crisis-ridden economy and the Federal Reserve's policy. He noted that US debt has exceeded $35 trillion and that interest rates have risen due to high inflation.
He also highlighted the US's declining impact as a global reserve currency, with more countries opting to abandon it due to the weakening dollar.
Read also: Anthony Scaramucci Believes Bitcoin Could Hit $150,000-$200,000 With King Crypto Wallets Nearing 1 Billion, Says “There’s A Lot Of Upside Potential Ahead”
Why it is important: Van de Poppe stressed the importance of Bitcoin in a portfolio, stating that it follows the gold standard of the 1930s and will likely be the “highlight of this cycle.” He also suggested that uncertainty around the strength and weakness of the dollar and the U.S. government would drive people to buy Bitcoin and other assets.
He Completed Expressing his belief in Bitcoin’s significant rise from the rate-cutting policy and the likelihood of quantitative easing (QE). He also predicted the likelihood of decentralized finance (DeFi) starting to skyrocket due to people’s dissatisfaction with the current financial system.
The trader predicts a potential massive breakout after unemployment data or Fed rate cuts. He also believes in seeing “a comprehensive crypto cycle where real-world assets, dePIN, and DeFi will be the backbone of the real adoption cycle. Not meme coins.”
What's next?Bitcoin's influence as an institutional asset class is expected to be explored in depth at Benzinga's upcoming Future of Digital Assets event on November 19.
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