Bitcoin Analyst Predicts 570% Rise in Price and Highlights Fed's Money Printing - COINTURK NEWS
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Bitcoin Analyst Predicts 570% Rise in Price and Highlights Fed’s Money Printing

12:03 pm (45 days ago)
October 16, 2023

Bitcoin, known for predicting the end of the 2021 bull market, according to cryptocurrency analyst Pentoshi, is expected to rise rapidly once again, pointing out the possibility of the US Federal Reserve (Fed) printing money.

Prediction of 570% Increase in Bitcoin Price

Cryptocurrency analyst Pentoshi stated on his personal account on social media platform X that it is only a matter of time before the US government restarts its money printing machines. According to Pentoshi, when the US government decides to devalue the dollar to pay off its massive $33.52 trillion debt, Bitcoin will start a parabolic rise:

When the printers come back, and they will come back, remember that BTC is both a programmed monetary policy and a scarce asset, and there is always another cycle of growth.

Looking at the Bitcoin chart shared by Pentoshi, it can be seen that the largest cryptocurrency is expected to reach $180,000, its all-time high. This represents an increase of approximately 570% with current prices.

While Pentoshi believes that there will be another bull cycle for Bitcoin, he stated that the uncertainty about when the Fed will start lowering interest rates is currently the biggest obstacle for the bull, and added:

Knowing when the monetary tightening will end seems to be really uncertain, and it could take years. Or we could face years of stagflation. This poses an obstacle to the bull market in Bitcoin.

Analyst Says Bitcoin is Preparing for a Major Breakout in the M2 Chart

Meanwhile, Pentoshi closely monitors Bitcoin’s chart against M2 money supply. M2 is a global liquidity indicator as it represents the amount of liquid money circulating within the system.

Cryptocurrency investors and analysts like Pentoshi believe that a bull market in Bitcoin will erupt when M2 or global liquidity reaches a certain point. The analyst shared a chart indicating that Bitcoin is preparing for a major breakout against M2.

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