Apocalyptic Prediction: Historic Economic Collapse Is Coming
Regarding the crypto space, there have been all kinds of optimistic predictions made these days.
The crypto market looks great today, with the king coin trading in the green.
At the moment of writing this article, BTC is priced at $11,785.11.
On the other hand, it’s been revealed that David Hunter, the chief macro strategist at Contrarian Macro Advisors, just issued an apocalyptic forecast about a historic economic collapse unlike the world has seen in 75 years.
A huge market crash is on its way
During a new interview on The Contrarian Investor Podcast, he said that a parabolic rise in equities will set the stage for a huge market crash.
“I think we’re going to see something that includes a very large financial crisis — probably the largest financial crisis in history — including major bank failures, not so much here, but Europe, maybe Asia banks, and also a lot of involuntary debt liquidation.”
He believes that a crash is imminent and also that the steepest part of the current upward rally will occur between now and the time of the US election.
“It’s been a hell of a ride from March… I’m still looking for and actually been using since March, a 4,200 to 4,500 number for the S&P. I think the NASDAQ could get to 15,000…” he said as cited by the online publication the Daily Hodl.
He continued and pointed out: “We’ve been through a bit of a rocky period here in September, and frankly, you know kind of up and down through the summer and into September… I think we’re poised for the next leg up, which I think will be the final move into a secular top.”
He also said that the crash would follow the parabolic ascent due to the inability of a business to fully recover from the massive impact of the global crisis that has been triggered by the global pandemic.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.