Harry Dent predicts crisis: This is not the end of Bitcoin's decline
The well-known economist and best-selling author predicts that the crisis will hit between now and around mid-June this year
According to Harry Dent, the biggest financial crash of our lives is imminent. In his opinion, it will have such a reach that people will realize that this is not an ordinary correction in the world's financial markets. This well-known economist recognized that this event may occur between now and mid-June 2023. According to his forecasts, it will cause as much as 86% declines on the S&P 500, 92% declines on the Nasdaq, and 95-96% declines on Bitcoin.
A massive crash is imminent, warns Harry Dent
The American financial bulletin writer is warning that the biggest crash in our lives will hit the economy and households from now until mid-June this year. In his opinion, then people will realize that this is not an ordinary correction in the financial markets that we have known much from the past.
The founder of HS Dent Investment Management and the author of several best-selling books offered his latest insights on the macroeconomic situation in an interview with David Lin published last Friday. He added that we will probably never see anything like it again.
According to Harry Dent's latest prediction, there will be an 86% drop on the S&P 500, a 92% drop on the Nasdaq and a 95-96% drop on Bitcoin from its ATH.
The cryptocurrency market will suffer heavily along with stocks
Since the beginning of this year, digital currencies have brought the highest returns to their investors, taking into account all asset classes. According to the American economist, the upcoming crash will not spare even this group of assets. Harry Dent expects the cryptocurrency market to collapse due to the crash in the stock sector.
According to the founder of HS Dent Investment Management, Bitcoin will become cheaper by as much as 95-96% from its peak in November 2021. He decided that this cryptocurrency will end exactly the same as Amazon and dot-coms once did.
The current bitcoin quotes are far from the predictions of the aforementioned economist, because one BTC coin on the market is currently worth over $30,000. The cryptocurrency recorded its low during the bearish cycle below the line of $16,000 per coin at the stage of last year. It is worth noting that we could observe the Bitcoin rate at the level of 16.5 thousand dollars in January 2023. Since then, its value has skyrocketed, as the king of cryptocurrencies has increased by over 70%.
Central banks declare war on recession
Harry Dent explained that the announced crash is expected to happen later rather than sooner because it has to do with the central banks' war on recession.
Although the government can try and most often tries to prevent the economy from collapsing, the reprinting of fiat currency always sinks it. The economist in question decided that the real situation at the moment is really bad. In addition, he emphasized that as a side effect of their actions, central banks have declared war on the free market, which is the biggest problem.
