Glen Goodman believes that the authors of such forecasts are on the side of stock exchange bulls and do not take into account a number of important factors that qualified investors should not ignore. The most important factor, the expert is sure, is that US financial regulators are ruthlessly cracking down on the cryptocurrency industry, bombarding its participants with lawsuits and investigations. Against this background, it will become more and more difficult to conduct a cryptocurrency business in the richest country in the world, as participants in the digital asset market are already beginning to massively change jurisdiction.
Goodman refers to the forecasts of American economists who expect a protracted recession next year, the consequences of which are unpredictable and could seriously suppress activity in financial markets, including the digital asset market.
“The bottom line is that bitcoin is entirely dependent on future events. Some, such as a future halving, are known, others, such as a possible recession, are unknown. So the $120,000 forecast seems like numbers taken out of thin air,” Goodman said.
According to the expert, bitcoin investors should not forget that the path to recovery and growth is long, and the cryptocurrency is still trading almost 50% below its all-time high.
BTC stayed near the key resistance level of $30,000 for a long time, and then fell below $26,000 at the moment. To achieve a sustainable growth in value, Bitcoin trading should go well above $31,000 so that the asset could reach $50,000-$60,000 by the end of the year.
Recently, Standard Chartered spokesman Geoff Kendrick said that the financial corporation adopted a more optimistic forecast for the market value of bitcoin, targeting from $100,000 to $120,000 by the end of 2024.
On Wednesday evening, July 19, the market value of bitcoin fell to $29,886. On the weekly timeframe, the asset fell by about 2.5%:
Earlier, the CEO of the investment company ARK Invest, Catherine Wood (Catherine Wood), shared her forecast that in just seven years, the bitcoin rate could reach $1.5 million, which would be facilitated by the global banking crisis.
Source: Bits
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