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A popular market analyst, recognized for accurately calling the end of Bitcoin's bullish streak in 2021, now anticipates another dramatic upturn in the cryptocurrency's fortunes. The analyst, known as Pentoshi, suggested that it’s only a matter of time before the US government resumes its money-printing efforts. Pentoshi predicts that will embark on a remarkable surge when the US government inevitably devalues the dollar to address its staggering $33.523 trillion debt. Pentoshi explains that with its fixed supply and programmed monetary policy, Bitcoin stands out as a robust financial asset, particularly when governments resort to printing more money to dilute their burdens. In such circumstances, Bitcoin tends to thrive, heralding the advent of another bullish cycle. Pentoshi’s analysis, which lacks any specific price predictions, indicates that Bitcoin could reach a new all-time high, potentially surging by approximately 570% from its current levels. However, Pentoshi acknowledges the uncertainty surrounding when the Federal Reserve will initiate interest rate cuts, underscoring the challenge of predicting the timeline for the conclusion of tightening measures. In addition, Pentoshi keeps a watchful eye on the correlation between Bitcoin and the M2 money supply, a global indicator of that accounts for the movement of liquid assets throughout the financial system. Many traders, including Pentoshi, believe that Bitcoin tends to prosper during periods of increasing M2 or global liquidity. Pentoshi’s analysis includes a chart indicating that the performance of Bitcoin relative to M2 is showing signs of a potential significant breakout in the near future.
Read more: coinspress
