Glen Goodman believes that the authors of such predictions are on the side of the stock bulls and fail to take into account a number of important factors that should not be ignored by qualified investors. The most important factor, the expert believes: US financial regulators are ruthlessly cracking down on the cryptocurrency industry, flooding its participants with court cases and investigations. Against this backdrop, running a cryptocurrency business in the world’s richest country will become increasingly difficult as digital asset marketers are already starting to change jurisdictions en masse.
Goodman cites forecasts from U.S. economists who expect a prolonged recession next year, the effects of which are unpredictable and could severely dampen activity in financial markets, including the digital asset market.
“The bottom line is that bitcoin is entirely dependent on future events. Some, such as future halving, are known, others, such as a possible recession, are unknown. So the $120,000 projection seems like a number taken out of thin air,” Goodman announced.
According to the expert, bitcoin investors should not forget that there is a long road to recovery and growth, and the cryptocurrency is still trading nearly 50% below its all-time high.
VTS was near the key resistance level of $30,000 for an extended period of time before dipping below $26,000 at moments. Bitcoin needs to trade well above $31,000 to achieve sustained value growth, so that the asset could reach $50 000 to $60 000 by the end of the year.
Standard Chartered spokesman Geoff Kendrick recently said that the financial corporation has adopted a more optimistic forecast for the market value of bitcoins, targeting from $100,000 to the $120,000 level by the end of 2024.
On the evening of Wednesday, July 19, the market value of bitcoin dropped to $29 886. On the weekly timeframe, the asset fell about 2.5%:
Earlier, Catherine Wood, CEO of investment firm ARK Invest, shared her prediction that bitcoin could reach $1.5 million in just seven years, driven by the global banking crisis.
She predicted that bitcoin could reach $1.5 million in just seven years, helped by the global banking crisis.