BTC Is Targeting 288K USDDavid Kemp
Some of the latest events have drawn many users’ special attention. Statistics show the movements that the top-ranked cryptocurrency has been steadily making in the past few months. As we can see, right now this asset is on the target to reach two hundred and eighty-eighty thousand USD.
At the same time, experts pay attention to the U.S. native currency and its velocity. As major mass media agencies suggest, it seems to collapse in the second quarter of the year. Taking into consideration experienced analysts’ opinions and viewpoints, there might be now simply too much currency to spend.
As a matter of fact, money printing mode is truly wild. This sort of regime makes many crypto enthusiasts believe that the top-ranked cryptocurrency receives plenty of additional fueling. Thanks to the currently occurring events, BTC seems to be gaining strength.
Since there is an overflow of money, it may mean that the situation will help the crypto approach its next cycle of massive price increases. This is the opinion that many analysts support and believe that BTC has a bright future and promising perspectives.
A number ofblog posts mention that the dollar’s velocity has already hit historic lows. Even though there are reasonable explanations of why the crypto market may change its course, the fact that there is too much money to spend in the market has impacted the latest trends.
Velocity is the term and notion that market analysts use to measure the speed at which a certain currency circulates around the economy. However, we should remember that this year we have seen a significant crash in the metric. Actually, the velocity of assets increases as soon as economic activities increase.
What Do Balance Sheets Prove?
It’s hard to deny that the economic stop was rather sudden. This event led to fewer economic activities. On top, the steep decline proves there is too much currency to spend at the moment. This is what banks admit while studying their balance sheets. No doubt, the money printing activities may be too huge and even aggressive at some point.
The Federal Reserve followed its directives and reasons when taking this decision. The chart below shows and characterizes the period throughout the past five months. That’s when the pandemic spiked a serious cross-asset market crash.
Critics admit that the authorities are involved in a vicious circle. The more inflation the market experiences, the more money there will be. Some of the top leading mass media sources state that balance sheets in G4 nations have finally agreed that BTC, as well as precious metals, might be the right safe-haven assets for most individuals this year.
According to PlanB, the crash in currency velocity will greatly boost up the most influential cryptocurrency. After all, the recent predictions have been quite optimistic and promising. Data suggests that at the moment this asset is on its way to two hundred and eighty-eight thousand USD. This is the figure many expect to see in another four years from now.
All in all, the model delivers numerous ‘phases’ of the cryptocurrency. One should bear in mind that the mentioned price point might form part of the fifth stage as well. Professionals predict that there will be another cluster center formed. An example of that would be the phase of six thousand seven hundred USD that the crypto market witnessed some time ago.
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