Bitcoin will fall to $3,000 before being worth half a million, according to this economist

With bitcoin (BTC) lateralizing in its price over the past few days, the biggest market question is what will end up happening with the cryptocurrency: will there be a significant recovery or will BTC continue to fall?

An analyst who has been predicting it since the beginning of this year maintains a bearish stance in the short term: it is economist Harry Dent, who foresaw a great fall in the markets (including that of cryptocurrencies) during this 2022.

In a new interview with an American media outlet, Dent ratified its position with regard to the immediate future of the markets. In fact, he assured that the recent recovery margin will not be sustained over time. “This is not a correction. This is the beginning of a prolonged bear market,” he said about it.

Among his predictions, the founder of HS Dent Publishing set next July as the breaking point. By that date, he expects that he will have touched lower points than have been seen so far.

That prolonged bear market (which would affect stocks, gold and even bitcoin) would end around the year 2024, according to their predictions.  The analyst considers that the economies are weak and there is a “bubble of everything” to which bitcoin does not escape.

That’s why, in the short term he sees bitcoin falling to between $3,000 and $7,000 in the next two years. These levels, it should be noted, would represent a negative milestone in the history of cryptocurrency. BTC at those prices would mean that the cryptocurrency fell to levels of the previous market cycle, something that has not happened so far. Seen in perspective, it seems a very risky prediction.

Dent wouldn’t buy bitcoin despite it being ‘the opportunity of a lifetime’

After the year 2024, according to Dent’s analysis, the new global financial push would begin, in which bitcoin and assets such as gold would emerge winners.

For him, Bitcoin could become the financial standard, instead of gold; basically, because “we are now in a digital economy” in which bitcoin represents “the digitization of all financial assets”.

In the future, with bitcoin as a “standard replacing gold in that role,” Dent believes that the cryptocurrency may be worth between half a million and a million dollars. The time stamp for that to happen? As soon as in the year 2037, when he foresees the great global run to come will reach its apogee.

Although those prices may sound like an arbitrary prediction on Dent’s part, he delved into it: with its price between USD 500,000 or 1,000,000 “it would be enough to dethrone gold as a standard”, he said to that effect.

“That would be the investment of a lifetime, but I wouldn’t touch it.” It is curious that the investor assured that he “would not touch it” even if it fell to 50% or 60% of current levels, without giving further explanations.

Finally, Bitcoin and the rest of the markets are seen in the middle of a big bubble, as analyst Alberto Cárdenas in recent statements to Criptonews. However, multiple indicators of behavior in the Bitcoin network point in the opposite direction: to an imminent rise.

Faced with these different forecasts about the future behavior of the bitcoin price, it only remains to wait for the market to have the last word, while at present it is trading again above $ 30,000 per unit.