Bitcoin Is Poised For A Massive Surge – One Catalyst Could Help
The crypto market looks great today, with the most important coins trading in the green.
Bitcoin is no exception, and at the moment of writing this article, the king coin is priced at $9,668.96.
There have been all kinds of optimistic predictions about the price of BTC, especially following the halving event that took place back in May.
Bitcoin is ready for a massive rally
It’s been revealed that former Goldman Sachs exec Rob Koyfman says Bitcoin is ready for a big rally after months of consolidation.
Bitcoin has been consolidating above $9k for a while now.
Koyfman also made sure to highlight the fact that the Fed’s resolve to print US dollars and prop up the economy may have as a result the weakening of the world’s reserve currency. This specific result is what’s expected to give BTC a serious boost.
“The Fed’s commitment to prolonged use of QE may represent a major turning point for the US Dollar. Over the past 30 years, the US Dollar has formed three distinct tops in 1985, 2000 and potentially in 2020… A break below [the current] trend line would confirm a major decline for the USD with implications across asset classes,” he said as cited by the Daily Hodl.
Bitcoin is ready to rally on its own
He also mentioned the fact that BTC is really ready now to rally on its own and he believes that a weaker dollar would boost the king coin past its all-time high of $20k.
He explained that “Bitcoin is setting up to have a significant move higher, and a weaker USD would be a strong tailwind… Bitcoin has consolidated over the past two years and is primed to make a big move higher… USD weakness may be a catalyst for Bitcoin breaking out to new highs.”
We recommend that you check out the complete details in order to learn what more he had to say.
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.