So much noise in the space as Bitcoin price has seen a rapid boost in the last 48 hours. The dominance factor of the asset is mooning as the price is set for crucial resistance retest around $57k.
Well, another shocking update coming out of the market is that US deflation might occur within a year. How it might impact the Crypto space, whether is it the right time for the crypto sell-off? We have got you covered with some interesting updates.
White House on Wednesday warns of the potential global financial crisis. If US lawmakers further delay raising the Federal debt limit before the government runs out of money to cover its bills. Default would lead to devaluing US Dollar prices and crypto space plunging back heavily.
Top crypto analyst Michael Van De Poppe said his followers to be ready for the potential global crisis ahead within the next 12 to 18 months.
The analyst went on to say that the next 6 to 9 months would become crucial for the sell-off. He suggested users hold on to cash for a year. He added Bitcoin will be more profitable after this deflation.
Inflation is now rampant so deflation is going to take a huge turn of events with US price devaluation. As per the sources, 80% of the US money is in circulation around the world, whereas only 20% of USD is circulating within the USA.
Moreover, 40% of US Dollars in existence were printed in 2020!! Therefore, falling USD prices would lead to a disastrous loss in the crypto space.
Summing up, Massive money printing going around the world would create global financial instability in the long term.
So, the Analyst seems to be signalling for the sell-off of Bitcoin and other altcoins within the next 6 to 8 months. Because if USD falls, trading pair BTC/USD will obviously fall.
On a positive note, he added purchasing cryptocurrencies as soon as the market recovers would create many millionaires as the price will be at their low.
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