As a seasoned analyst with over two decades of experience in financial markets and technology, I find Apsk32’s analysis both intriguing and plausible. Having witnessed the 2019 interest rate cut’s impact on Bitcoin firsthand, his prediction seems to be rooted in a solid understanding of market dynamics.
As the anticipated Federal Reserve interest rate cut draws near, there’s been a surge in conversations about its potential effect on Bitcoin, the leading cryptocurrency. Interestingly, a crypto analyst has forecasted a price reaction somewhat similar to what was observed in previous instances, notably in 2019.
An Impending Pop And Drop Performance For Bitcoin
Crypto specialist and engineer, Apsk32, has shared his thoughts on Bitcoin’s potential reaction following the anticipated Fed interest rate cut on September 18. His prediction is that Bitcoin might face a price response similar to what was observed in 2019 if rates are lowered again in 2024.
Based on what a crypto expert stated, when the Federal Reserve lowered interest rates in August 2019, Bitcoin experienced an approximately 20% increase within a week. Yet, around three months following this event, the digital currency began to slow down and dropped more than 33%, leading to a wave of pessimism within the industry.
In Apsk32’s perspective, should the Federal Reserve opt for monetary easing in the current year, Bitcoin’s price movement could potentially resemble the pattern observed following similar events in 2019 – a combination of positive and negative trends.
The analyst anticipates that Bitcoin may experience another surge and decline, but he’s uncertain if it will drop by 33% from its current price. Consequently, his estimated baseline value for Bitcoin falls within the range of $45,000 to $55,000. He believes that 2025 could be a significant year for Bitcoin, as it might see a bullish rally.
It seems that Apsk32 has a highly optimistic outlook towards Bitcoin, as demonstrated by his earlier bold prediction suggesting a potential value of $2.6 million per BTC in the future. This projection is derived from Bitcoin’s market capitalization, which follows a power law pattern.
According to the expert, starting from 2011, Bitcoin’s market capitalization has been influenced by a power law. If this trend continues, it’s predicted that the value of each Bitcoin could potentially increase to around 2.6 million dollars over the next ten years.
A Wave Of Bullish Prediction For BTC
Apsk32’s unyielding positivity mirrors that of the asset management firm VanEck, who also anticipate a comparable price trajectory for Bitcoin in the long run. In their recent report, this multibillion-dollar asset manager estimates that Bitcoin could be worth approximately $2.9 million by 2050. This forecast would result in an astounding total market capitalization of $61 trillion.
VanEck’s forecast is driven by the idea that Bitcoin might be employed for around 10% of global cross-border trades and 5% of domestic trades by the year 2050, potentially resulting in central banks holding approximately 2.5% of their total assets as Bitcoin.
It is worth noting that the aforementioned price target is the firm’s base case scenario for BTC, while its worst and best-case scenario is pegged at $130,000 and $52.4 million respectively.
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2024-09-07 04:11