Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram Tiktok
Voice of Crypto
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
Reading: Crypto Analyst Predicts Bitcoin Could Repeat Gold’s 1970 Rally, but here’s the Catch
Share
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Blockchain
  • VOC Explained
Reading: Crypto Analyst Predicts Bitcoin Could Repeat Gold’s 1970 Rally, but here’s the Catch
Share
  • bitcoinBitcoin(BTC)$27,707.00
  • ethereumEthereum(ETH)$1,902.64
  • tetherTether(USDT)$1.00
  • binancecoinBNB(BNB)$312.28
  • usd-coinUSD Coin(USDC)$1.00
  • rippleXRP(XRP)$0.52
  • cardanoCardano(ADA)$0.378228
  • staked-etherLido Staked Ether(STETH)$1,902.68
  • dogecoinDogecoin(DOGE)$0.072494
  • solanaSolana(SOL)$21.09
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Blockchain
  • VOC Explained
Search
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > News > Crypto Analyst Predicts Bitcoin Could Repeat Gold’s 1970 Rally, but here’s the Catch
News

Crypto Analyst Predicts Bitcoin Could Repeat Gold’s 1970 Rally, but here’s the Catch

Jim Haastrup
Last updated: 2023/03/14 at 1:08 PM
Jim Haastrup Published August 29, 2022 March 14, 2023
Share
VOC, Voice of Crypto, Bitcoin, BTC

A crypto analyst who is widely followed in the crypto community predicts that Bitcoin could follow the historical footsteps of gold and spark a massive rally. Nicholas Merten, the host of DataDash, told his 515,000 YouTube subscribers that BTC could eventually reach a price tag of six figures but notes it will fall further before reaching this milestone.

Contents
Bitcoin Price AnalysisMarket in the Red

He said he believes Bitcoin will still see about an 80-85% decline (minimum) before we start seeing any bullish movement. An 85% decline from its all-time high of around $69,000 suggests that it could hit a new low of nearly $10,000.

The crypto analyst believes that as inflation continues to ravage the global markets, people will start moving their capital into Bitcoin, just like the gold rush of the 1970s.

In the 1970s, people started to sour on fiat currencies and move their capital into gold. Bitcoin might be the same for today’s generation, but with even more potential than before. Bitcoin’s value has been steadily declining for the last 24 hours, dropping 3% over that period. It is currently trading at $20,006.

- Advertisement -

Bitcoin Price Analysis

The digital asset market woke up in the bearish territory, losing more than 5% of its global value after the president of the US Federal Reserve (FED), Jerome Powell, spoke on Friday to reiterate the aggressive approach of the central bank to curb inflation.

Bitcoin (BTC) fell to its lowest price in more than a month, hitting lows of $20,036. The top cryptocurrency was volatile on Friday ahead of expectations from Powell’s annual economic symposium in Jackson Hole, Wyoming. Moments before the president’s remarks, the currency hit $21,791 but quickly reversed gains just during the remarks.

Bitcoin Price Chart
Bitcoin Price Chart | Source: TradingView

Powell reiterated tight monetary policy, stressing that the battle against inflation, which has reached a more than 40-year high, is far from over. During his speech, the president hinted that the Fed would continue to raise interest rates as inflation far exceeds the bank’s long-term target of 2%. The annual inflation rate in the US eased slightly in July to 8.5% after peaking at 9.1% the previous month.

- Advertisement -

As we reported, Powell indicated that the central bank’s policy to control inflation could bring “some pain to households and businesses,” thus painting a somewhat bleak horizon for the US economy.

Market in the Red

Major digital currencies reacted adversely to the statements. Ethereum (ETH), the second largest cryptocurrency, posted even steeper losses than Bitcoin, slipping 11%. The cryptocurrency momentarily missed the key $1,500 mark.

Ether traded as high as $1,720 after confirming the official dates for the highly anticipated network upgrade, “The Merge.” Ethereum’s final transition to proof-of-stake (PoS) is expected to take place in two phases, with the first starting on September 6. The mainnet merger will happen sometime between the 10th and 20th of the next month.

Amidst a wide sea of ​​red numbers, some altcoins post steep declines. Solana (SOL) has lost 9.3% of its value. Avalanche (AVAX) and Uniswap (UNI) also posted notable drops of 10% and 11%, respectively. Others less affected are Cardano (ADA) and Polkadot (DOT), with 5% and 7% setbacks.

- Advertisement -

 

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)

 

 

You Might Also Like

Bitcoin Miners Face Trouble as BTC Price Plunges Further

Weekly Crypto Update: BTC, ETH, XRP, DOGE, MATIC

5 Top Cryptocurrencies To Watch this Week: MATIC, ARB, CAKE, INJ, RNDR

10 Top Cryptocurrency Exchanges in the USA

Litecoin (LTC): Price Prediction 2023-end

TAGGED: Altcoin, Bitcoin, Ethereum
Share This Article
Facebook Twitter Email Copy Link Print
Previous Article Ultimate-Indicators-for-Crypto-Trading1 Global Crypto Adoption Sees 320,000,000 Users: Triple A Report
Next Article VOC, Voice of Crypto, BNB Here’s How Binance Plans to Remain the Fastest Network
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
techcircus
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
MetaZone Secures Funding to Expand the World’s First Tokenized App Platform for the Metaverse
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram Tiktok
Voice of Crypto

Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

Legal

  • Global Events
  • Advertise With Us
  • Privacy Policy

Know Us

  • About Us
  • VOC Team
  • VOC Vigilantes
  • Brands Who Trust Us
  • Contact Us
Copyright © 2023 Voice of Crypto. All Rights Reserved
Welcome Back!

Sign in to your account

Lost your password?