Bitcoin’s Next Surge: Analyst Forecasts Stellar Rise
A popular market analyst, recognized for accurately calling the end of Bitcoin's bullish streak in 2021, now anticipates another dramatic upturn in the cryptocurrency's fortunes.
The analyst, known as Pentoshi, suggested that it’s only a matter of time before the US government resumes its money-printing efforts.
When the printers come back to inflate away debt, and they will and always have
Just remember $BTC is fundamentally the hardest asset in the world with both a programmatic monetary policy and fixed supply
There's always another cycle pic.twitter.com/zYGss16Mm8
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) October 14, 2023
Pentoshi predicts that Bitcoin will embark on a remarkable surge when the US government inevitably devalues the dollar to address its staggering $33.523 trillion debt.
Pentoshi explains that with its fixed supply and programmed monetary policy, Bitcoin stands out as a robust financial asset, particularly when governments resort to printing more money to dilute their debt burdens. In such circumstances, Bitcoin tends to thrive, heralding the advent of another bullish cycle.
Pentoshi’s analysis, which lacks any specific price predictions, indicates that Bitcoin could reach a new all-time high, potentially surging by approximately 570% from its current levels.
However, Pentoshi acknowledges the uncertainty surrounding when the Federal Reserve will initiate interest rate cuts, underscoring the challenge of predicting the timeline for the conclusion of tightening measures.
READ MORE: Bitcoin Advantage in Turbulent Financial Times
In addition, Pentoshi keeps a watchful eye on the correlation between Bitcoin and the M2 money supply, a global indicator of liquidity that accounts for the movement of liquid assets throughout the financial system.
$BTC vs M2 Money supply
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) October 13, 2023
Many cryptocurrency traders, including Pentoshi, believe that Bitcoin tends to prosper during periods of increasing M2 or global liquidity.
Pentoshi’s analysis includes a chart indicating that the performance of Bitcoin relative to M2 is showing signs of a potential significant breakout in the near future.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
