As a seasoned crypto investor with a knack for spotting trends and staying ahead of the curve, I find myself intrigued by the recent analysis of Joe Consorti suggesting a potential surge in Bitcoin price to $90,000 this year. With my years of experience in the volatile world of cryptocurrencies, I’ve learned to take such predictions with a grain of salt, yet not dismiss them entirely.
Over the past day, Bitcoin‘s price has dramatically fallen due to increasing global political conflicts, now trading at approximately $61,000 after shedding about 7% of its worth. However, this decline might just be a temporary hurdle, as a crypto analyst predicts a possible spike up to $90,000 in the current year.
On the popular social media platform X (previously known as Twitter), analyst Joe Consorti recently pointed out that if Bitcoin continues its correlation with the expansion of the worldwide M2 money supply, it could potentially reach $90,000 by the end of this year.
If Bitcoin maintains a similar growth pattern as the worldwide M2 money supply, it could potentially reach around $90,000 by the end of this year.
— Joe Consorti ⚡️ (@JoeConsorti) September 30, 2024
Remarkably, the combined money supply of the U.S., Eurozone, Japan, and China has surpassed $89.7 trillion for the first time ever, experiencing an unprecedented increase of approximately $7.3 trillion in the last year, according to recent reports.
1) Over the past three years, there’s been a significant increase in the worldwide money supply, comparable to the spike during the initial pandemic response in the first half of 2020. In the U.S., the circulation of money swelled by $410 billion compared to the same time last year, reaching a staggering $21.2 trillion. This implies that at the start of 2020, the money supply in the country was approximately 27% lower than its current levels.
This century has seen remarkable growth for the price of gold, primarily due to an increase in worldwide money supply and escalating geopolitical conflicts. Currently, gold is being traded at approximately $2,660 per ounce, having climbed approximately 30% since the start of the year.
Significantly, Societe Generale has moved all its commodity investments into gold. This change is largely influenced by rising geopolitical tensions and a decline in the overall commodity market.
As a researcher, I’ve observed an interesting shift in strategy by a French bank. They’ve boosted their gold reserves to comprise 7% of their overall asset allocation, marking a substantial 40% growth from the previous quarter. This significant uptick suggests a growing trust in gold as a reliable safe-haven asset during these periods of market turmoil and uncertainties on a global scale.
Gold’s recent surge in value occurred following the launch of approximately 180 missiles by Iran towards Israel, which Iran’s Revolutionary Guard Corps claimed was a response to the assassinations of Hamas’s political leader and an Iranian commander.
As a dedicated crypto investor, I’ve noticed that the M2 money supply, encompassing physical cash in circulation, savings accounts, time deposits, and money market funds, has consistently expanded each month since February.
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2024-10-02 21:03