Dear Reader,
Bitcoin is currently trading at 23 316.20 USD.
I forecast Bitcoin will continue to rise at least through the first half of 2021 along with US and global stock markets and could reach 40 000 USD in 2021. Bitcoin and stocks, technology stocks especially, however, are a bubble. They are overvalued. The Bitcoin and technology stocks bubble will soon burst and both Bitcoin and the Nasdaq Composite could fall more than 50 % from all time highs.
Out of the ashes of the pricked Bitcoin and technology stocks bubble the new Amazons, Google's etc. will rise like it happened in the 2000 dot-com mania aftermath. Bitcoin and cryptocurrencies will emerge more and more as real money, as new stable coins are introduced. Cryptocurrency is here to stay. Cryptocurrency and information technology, artificial intelligence which underpin cryptocurrencies are the future, because they save money, time and effort for people and companies.
We are in the midst of the fourth industrial revolution. Technology, as in every industrial revolution in humanity's history, will destroy many jobs and trades, but will create even more new ones and humanity will be ultimately better off.
What could prick the current cryptocurrencies and technology bubble? The most obvious suspect are interest rate levels rise of government bonds. Yes, central banks are committed to holding interest rates levels lower for longer, but ultimately someone has to finance governments, the private sector, so it is not always only central banks' decision. A new coronavirus strain and failure of vaccines could cause another deep economic slump, which could trigger stock and bitcoin, cryptocurrencies sell off.
I forecast the cryptocurrencies and technology stocks bubble will burst in 20201 or 2022 at the latest with 60 % falls in the price of Bitcoin and the Nasdaq Composite all time high level.
Disclaimer: The blogposts and comments on this blog and posts on social networks(Twitter, LinkedIn, Facebook etc.) are not investment recommendation, are provided solely for informational purposes, and do not constitute an offer or solicitation to buy or sell any securities. The opinions expressed on the blog are Petar Posledovich's. Petar Posledovich does not guarantee the accuracy of the information presented on this blog and social networks. The information presented is "as is".
Petar Vladimirov Posledovich is not liable for any investment losses incurred by reading and interpreting blogposts on this blog and posts on social networks.
Conflicts of interest: I may possess some of the securities, currencies or their derivatives mentioned in the blogpost and posts on social networks(Twitter, LinkedIn etc.)!
Respectfully yours,
Petar Posledovich
1 comment:
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