A Crypto Analyst Predicts an Incredibly Massive Bitcoin Rally This Year. Here’s why. By benjamin

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Benzinga – Former Coinbase (NASDAQ:COIN) Chief Technology Officer Balaji Srinivasan recently predicted that Bitcoin (CRYPTO:BTC) would explode by more than 3,300% in less than 90 days.

In an interview with ARK Invest last Thursday, Srinivasan said that given the current US banking fiasco, people will be fleeing to Bitcoin.

“I think we see an exit from the US banking system towards bitcoin over the next few weeks and months and maybe years to come,” he said.

“The timeline for that would be 90 days, and I don’t think that’s impossible given how quickly digital banking is happening. So, [the] the timing is difficult – the preparation is easy,” he added.

Srinivasan said that the Federal Reserve has caused instability in the market and may cause many people to turn to Bitcoin.

“We have the real election now, between the US dollar and BTC, where people are again voting against a very different type of central planning. And that’s the macro framework I have on that. The level of Fed instability has been causing, they are now in the state of an airplane undergoing turbulence,” he explained.

Also Read: Bitcoin, Ethereum, Dogecoin Rise Amid CFTC Binance Lawsuit: Analyst Says Apex Crypto Under $30K is A Gif

Last week, Srinivasan made a bold prediction, claiming that the price of Bitcoin could skyrocket to $1 million by June 17 due to the rapid devaluation of the US Dollar in the coming months.

Another crypto analyst, who goes by CrediBULL Crypto on Twitter, tweeted on Saturday that he believed Bitcoin was in the early stages of a big bull run after a long period of lows last year.

At the time of writing, Bitcoin was trading at $27,965, down 2% in the last seven days.

Read Next: Bitcoin White Paper Found Hidden in Apple’s MacOS: A Tribute to Satoshi Nakamoto?

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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