Macroeconomics expert and author Lyn Alden painted an optimistic picture about the future of Bitcoin price in her recent interview. In his interview with David Lin, Alden expressed that he has “pretty high confidence” that Bitcoin will rise in the next two years. However, Alden also suggested that there may be short-term fluctuations and Bitcoin may trade in a range. Here are the details…
Lyn Alden shared her views on the Bitcoin price from a broad perspective. According to Alden’s assessments, one of the factors that will support Bitcoin’s appreciation in the next two years is the decrease in supply. Alden said he thinks supply will decrease and demand will likely remain steady during this time. This situation is expected to have a positive impact on the price of Bitcoin.
However, Lyn Alden also considered short-term risks. He stated that Bitcoin has risen rapidly recently and therefore it may experience a 20% decline in the short term or retest the $ 31,000 breakout. Additionally, Alden also pointed out the possibility that Bitcoin could trend sideways in a floating band within a three-month period.
“I think supply will fall over the next two years and demand will probably remain flat, which should be constructive from a price perspective. “It has come a long way in a short time… It could drop 20%, retest the $31,000 breakout, stay sideways in a choppy band for three months.”
NEWS CONTINUES BELOW
Bitcoin is trading at $36,288 at press time.
So why is Alden so optimistic about Bitcoin? The famous economist explained the reasons behind his prediction as follows:
“There will be another halving event in Bitcoin in the spring of 2024, which means that the number of new coins produced every 10 minutes will be halved. “So if there’s a supply shock while demand is still fairly stable, and the BlackRock spot exchange-traded fund (ETF) gets its approval, there could potentially be more demand if these simple ways to have a liquid vehicle for the existing trillions of dollars of certain types of locked-up capital happen.”
You can follow the current price movement here.