A prominent Bitcoin analyst announced one of the record Bitcoin predictions, saying the leading cryptocurrency could skyrocket to $ 5 million.
In a new interview with Coin Post, crypto analyst known as Carl the Moon, he says his bold prediction depends on the future of the fiat currency.
“If you look at the world’s foreign exchange supply, it’s currently worth $ 100 trillion. If Bitcoin takes over this entire pool of liquidity, it means that Bitcoin could potentially take over this market value, which means that the Bitcoin price will be about $ 5 million. ”
Carl says he believes the current global economic landscape is favorable for the leading cryptocurrency.
“I think it’s obvious that Bitcoin will eventually break $ 20,000. We see central banks printing more money than ever before. And what we see points to why Bitcoin was created. Basically, Bitcoin is trending much more than a technical level. ”
As the cryptocurrency analyst is bullish on Bitcoin, most traders will likely lose money trying to predict BTC’s price action.
“I think the people holding Bitcoin will be the biggest winners in the world because Bitcoin has been the best performing asset of the previous decade. I think this will continue to be the best performing asset of the decade.
Traders can earn more money than investors if they actively trade and know what they are doing. However, inexperienced people tend to lose money while trading. About 80 to 90% of people doing business are actually losing money over time. ”
In the short term, the analyst says that Bitcoin only needs to break $ 14,000 to kick off the massive uptrend.
“I believe Bitcoin is in a bull market right now, but I’m not sure we’ve just started the big Bitcoin bull run… The question is, will Bitcoin be able to break the previous rise? There was an increase of about $ 14,000 in June-July 2019. When we break this level, then I can say with certainty that we are in a bull market. ”
Stating that Bitcoin must stay above a crucial technical indicator to break the key resistance of $ 14,000 and then move to $ 20,000, Carl said:
“To reach $ 20,000, we will obviously have to reach $ 14,000 first, but more importantly, we will have to break it. If we are rejected here it would be a bad sign …
If Bitcoin can stay above this 20-week moving average here, then we will see the Bitcoin price hitting the $ 20,000 level. In this case, we can see Bitcoin breaking over $ 14,000 before April 2021. When we break $ 14,000, I think we’ll see a big candle. Then we will see a tremendous movement reaching $ 20,000. “