Bitcoin will definitely set a new record in value. However, before that, the price of cryptocurrency may be severely degraded. So says the co-founder of the research firm Messari Dan McArdle. According to him, the price movement of BTC is exactly the same behavior of gold, so on the basis of the schedule of the precious metal it is possible to judge the future of the crypts.
This morning, Bitcoin was trading at 11 827 dollars. For the past day, the cryptocurrency fell by 0.33 per cent. Note that now its market capitalization is barely more than a line of $ 200 billion, while the market capitalization of gold for a long time exceeded $ 8 trillion.
Forecast Bitcoin exchange rate
McArdle calls attention to one short period of time in the history of gold. It turns out that immediately after the global financial crisis of 2008, the value of the precious metal have sharply rolled down. The downward trend lasted until the beginning of 2009: total for the year, gold fell from 967 to 744 dollars per ounce.
However, by the middle of 2012, the precious metal has risen almost two-and-a-half times, rising to 1777 dollars / ounce. The analyst believes that such a scenario will be realized on the stock market in the foreseeable future. In other words, first, Bitcoin may become cheaper by at least 30 percent, and then rush to a new historical maximum.
Earlier, economist and cryptoanalysis Raul Gender published in Twitter a graph of Bitcoin, backed by his bullish Outlook. Another cryptanalytic Moon Overlord predicted a rise in price of BTC up to 50 thousand dollars.
At the opening of trading positions always rely primarily on your own analysis of the market. Bitcoin is an independent asset and hardly between him and gold there is a high correlation. Moreover, no expert can look into the future — even if he confidently says to the contrary.