• Capriole Investments believes that Bitcoin will replicate gold’s explosive 1970s breakout and become the world’s “hardest asset” in 2024.
• Capriole believes that 2023 will be a bright year for Bitcoin as a reserve asset due to its capacity to make big moves through inflation and high interest rates.
• Accompanying charts underscored gold’s potential to repeat its 70s behavior, among which was a “cup and handle” chart structure playing out since 2010.
Cryptocurrency enthusiasts have been eagerly anticipating the moment when Bitcoin would break past its all-time high and reach new heights. Now, according to Capriole Investments, this moment could be much closer than expected. In their latest edition of the Capriole Newsletter, the research and trading firm predicts that Bitcoin will replicate gold’s explosive 1970s breakout and become the world’s “hardest asset” in 2024.
Capriole believes that the coming decade could be Bitcoin’s time to truly shine, and that 2023 will be a bright year for Bitcoin as a reserve asset. This is because Bitcoin, which is much smaller than gold was in the 1970s, has capacity to make big moves through a decade of inflation and high interest rates. To back up this prediction, Capriole provided charts that underscored gold’s potential to repeat its 70s behavior. One in particular was a “cup and handle” chart structure that has been playing out since 2010.
The firm also makes reference to the 1971 deanchoring of the US dollar from gold, which resulted in gold becoming the world’s premier safe haven and saw “huge” gains during the decade. It is this same effect that Capriole believes will be replicated by Bitcoin this decade, as people increasingly turn to cryptocurrencies as a safe haven asset.
Capriole’s prediction has certainly caused a stir in the cryptocurrency community and has many people hoping that the prediction will come true. If it does, it would mean that Bitcoin would surge past $600K and cement its place as one of the most valuable assets in the world. Of course, only time will tell if this prediction will come true and if Bitcoin will experience a similar surge.