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Market analyst and podcaster Preston Pysh says he believes a new long-term Bitcoin bull cycle is coming that will take the BTC price far past $100,000.
In a new interview with Heyo co-founder Nathan Latka, Pysh points to the Bitcoin halving, which is set to execute next month, as the catalyst for a parabolic rally that could bring the Bitcoin price to $300,000.
“Do I think that it’s just going to up to [$100,000] and stop? Hell no. It’s going to go straight through that number. It’s probably going to go to $200,000 to $300,000.
And then, if it doesn’t meet its escape velocity, which is a whole other term, which is, in my opinion, completely dependent on all this other macro stuff that we’ve been talking about… then it’s going to come back to that $80,000 to $100,000 mark. And it will stay there until the next four year halving event.”
Pysh says concerns that the halving, which will cut in half the amount of BTC rewarded to miners who power the network, will make it hard for miners to earn a living are overblown.
He points to Bitcoin’s difficulty adjustment, which automatically reviews network activity and changes how much computing power is required to process transactions, as the key reason many miners will continue to turn a profit as Bitcoin becomes increasingly scarce.
As for his personal investments, Pysh says he owns Bitcoin (BTC) and is now out of the equities market.
He says the push from central banks to ramp up money printing will significantly weaken the US dollar.
He points to billionaire investor Ray Dalio as an example of a leading investor who shares the same views on the future of the global reserve currency.
In January, Dalio said “cash is trash” in an interview with CNBC.
Dalio argues that a weakening dollar and increasing money supply will decrease its value over time.
In other trending Bitcoin news today: ‘Boomers Are F*cked’ – New Macro Report Forecasts $1M Bitcoin by 2025
In a scathing attack on the world’s ailing financial system, Raoul Pal puts his faith firmly in Bitcoin and gold as the future.
Bitcoin (BTC) can rally to $1 million but coronavirus means that the baby boomer generation is “f*cked,” a damning new macro report concludes.
Originally published to clients on March 30, the report from Global Macro Investor dubbed “The Unfolding” paints a dismal future for the financial market.
According to CEO Raoul Pal, who authored the report, coronavirus has fueled the fire of systemic weakness across global markets.
“The damage this does to the US pension system is incomprehensible. The Baby Boomers will sell every rally they can to protect their last, rapidly diminishing nest egg,” he summarized on the market losses from March.
“The Baby Boomers are totally f*cked. I have been publicly warning and warning about this.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.