According to Dent, the Bitcoin (BTC) crash might be interpreted as the end of the crypto market, but the economist stressed that would not be the case. Furthermore, Dent shared how he got into crypto after initially failing to understand the concept. The economist declared:
Established cryptocurrencies to stand out
Previously, Dent had projected that there would be a historical market crash in 2022 amid rising inflation and the Federal Reserve’s tapering measures characterized by interest rate hikes. However, he pointed out that the crash doesn’t need a trigger, just like the tech bubble burst in 2000 that occurred in an environment without a recession and economic slowdown.
Bitcoin is likely to correct further
Interestingly, the economist also noted that Bitcoin would be the worst-hit asset while projecting that the crypto will correct to about $7,000. It is worth mentioning that Bitcoin and the equities markets have struggled in 2022, with the flagship cryptocurrency struggling to stay above the $20,000 level. In this line, Bitcoin’s struggles were highlighted during the second quarter when it registered the worst quarterly returns at -56%. By press time, the asset was trading at $21,700, gaining almost 2% in the last 24 hours. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
