Tuur Demeester, a popular cryptocurrency analyst and early Bitcoin evangelist, has forecasted that Bitcoin’s value will soar to between $200,000 and $600,000 by 2026, fueled by trillions of dollars of government bailouts and stimulus.
In a post on the microblogging platform X (formerly known as Twitter), Demeester pointed his over 260,000 followers to a prediction he made back in 2019 where he said Bitcoin’s price would trade between $50,000 and $100,000 over the upcoming rally. Bitcoin moved to an all-time high of $69,000 in 2021, before entering a bear market.
Demeester attributed his optimistic projection to several factors, including the impact of the April block halving and the introduction of spot Bitcoin exchange-traded funds (ETFs), both of which contribute to reducing Bitcoin’s available supply while also boosting demand, More significantly, he believes macroeconomic conditions, particularly the trillions of dollars in global bailouts and stimulus measures, will fuel Bitcoin’s monumental rise.
Responding to another user, Demeester noted that these bailouts would be of banks and governments, and gave the US “already spending more on interest payments than on their military” as an example.
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The price of Bitcoin has recently topped the $50,000 after moving up more than 16% in a single week, bolstered by spot Bitcoin exchange-traded fund (ETF) inflows and anticipation surrounding the upcoming halving event, which will reduce block rewards miners receive.
To Demeester, retail investors could “start waking up soon” and start paying attention to the cryptocurrency space. He referenced a post on the microblogging platform he published in November 2023, suggesting retail investors will start paying attention to the market after BTC pushes past the $40,000 to $50,000 mark.
The analyst also added that investors should be careful with debt and “potential overexposure” as “volatility will easily give you whiplash.”
His suggestion of an impending bank crisis was recently also noted by the former Chairman of the U.S. Securities and Exchange Commission (SEC) Jay Clayton, who in a recent interview discussed the systemic risks posed by the commercial real estate sector’s difficulties. He outlined a three-tiered approach to assessing these risks: broad systemic risk, stress within the banking sector, and individual bank problems.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2024/02/crypto-analyst-predicts-bitcoin-price-will-reach-200k-600k-range-by-2026-benefitting-from-trillions-in-stimulus/
