Bitcoin Price Prediction: What’s In Store For BTC Price in The Second Half of 2023
The post Bitcoin Price Prediction: What’s In Store For BTC Price in The Second Half of 2023 appeared first on Coinpedia Fintech News
As Bitcoin, Ethereum, Solana, and other cryptocurrencies continue to fluctuate, investors are eager for expert insights to guide their decision-making process. Notably, James Altucher, the renowned crypto analyst and host of InvestAnswers, recently provided an in-depth market analysis, shedding light on current and future crypto trends.
Altucher’s Crypto Market Observations
Based on year-to-date performances, Altucher revealed that Solana leads with an impressive 989% growth, followed by Bitcoin at 85% and Ethereum at 55%. Despite Cardano’s popularity, it lags behind at 11%. These numbers, alongside others, reflect a fascinating mix that leaves investors pondering if it is indeed an altcoin season.
Altucher referenced a poll by Sentiment on Twitter that questioned where Bitcoin’s opening price would be on July 1st. The results were almost evenly split among three categories, sparking a deeper analysis of the crypto market’s future. This sentiment aligns with Altucher’s bullish outlook, largely driven by Bitcoin’s scarcity and global financial trends.
Bullish Outlook Amid Fiat Uncertainty
Altucher underscored the increasing global liquidity and money printing by central banks, stressing that the fiat is inching toward zero. With the U.S. government budget office expecting to print at least 2 trillion more a year for the next decade, Altucher suggests hard assets as a safety measure.
He also pointed to a survey by CNBC which indicated that most investors believe we’re in a new bull market. This belief is fueled by increased liquidity, optimism about the future, and developments in tech such as AI, which has sparked the biggest tech rally in the past two decades.
Bitcoin and Market Disruption
Altucher identified Bitcoin’s recent negative correlation against the NASDAQ and the S&P 500. This inverse correlation implies that Bitcoin could hold strong even amidst banking crises, threats of war, or other global disruptions, fulfilling its potential as a risk-off asset.
In his analysis of Bitcoin’s monthly returns, Altucher revealed an intriguing pattern: Bitcoin has delivered an average of 14% returns per month for 14 years. When five of the first six months in a year are positive for Bitcoin, the average monthly return shoots to 29.5%.
Filed under: Bitcoin - @ July 2, 2023 5:19 am