According to estimates made by the CEO of Messari, Ryan Selkis, the increasing pressure in the general financial market has been identified as a barometer for a more aggressive foundation that can fuel Bitcoin’s (BTC) price growth.
Using his official Twitter account, Selkis expressed his belief that Bitcoin’s price might reach a target of $100,000 during the next year.
Selkis, an expert who operates one of the most flexible crypto metrics systems outside of Web 3.0, provided his forecasts according to a number of underlying analyses because of the problems that exist in the banking ecosystem at the present time.
Selkis forecasts (1) that there will be other bank failures during the next couple of weeks due to the failure of three major banks already this week.
My rough prediction for the next twelve months:
1. More bank failures in the next couple of weeks.
2. Fed cuts / QE is back!
3. BTC climbs, sustained moderate inflation.
4. "Outside Money" / "Sound Money" -> $100k / BTC.
5. Institutions buy faster than Feds can shut down.Game.
— Ryan Selkis ???? (@twobitidiot) March 17, 2023
The failure of Silicon Valley Bank (SVB) greatly warped the narrative following the implosion of Silvergate Bank. Regulators & legislators wanted to ascribe the fall to crypto exposure; however, SVB’s failure significantly twisted the narrative.
An emergency funding program was developed through a collaborative effort between the Federal Reserve, the Treasury Department, and the Federal Deposit Insurance Corporation (FDIC) to assist financial institutions in mitigating the effects of liquidity strains.
To yet, banks have borrowed more than 160 billion dollars from the government; nevertheless, according to Selkis’ forecast, it is possible that this may not be enough to stave off the imminent disaster in the near term.
In light of this, Selkis anticipates that the Federal Open Market Committee (FOMC) will engage in additional quantitative easing (QE) in the near future.
This prediction comes as a supplement to rumors that the Feds may delay their planned interest rate hikes in order to give the market time to recover.
In light of all of these factors, Selkis is of the opinion that an increasing number of establishments will come to view Bitcoin as the “Outside Money” or the “Sound Money” to protect their assets.
On the basis of these sentiments, he is of the opinion that Bitcoin may, within the next year, experience an intense accumulation of such a magnitude that it will be difficult for the Feds to shut it down once again.
Messari CEO Advocates Bitcoin as a Safer Route
As was the case during the difficult times brought on by the COVID-19 epidemic, the Federal Reserve’s quantitative easing program (QE) may put so much fiat currency into existence that it may significantly weaken the value of the US dollar.
In this particular scenario, the CEO of Messari stated that companies might decide to use Bitcoin as an escape plan.
“This is a hopeful wager on the future, as Bitcoin is seen as a life raft and a peaceful escape option,” the author writes. Yet, the most important thing is to thread the needle in such a way that institutions would purchase it and fight it with us. “Possible positive outcome at this juncture,” he wrote in the tweet.
Bitcoin is now selling at around $27,455 at the time that this article is being written, which is a full three quarter away from the $100,000 forecast that Ryan Selkis stated as his projection for Bitcoin.
Cathie Wood of Ark Invest and PlanB, the company that developed the Stock-2-Flow (S2F) technical indicator, are two examples of prominent businesspeople who have made forecasts similar to these on the value of the digital currency.
Featured Image from (1.1)
Comments are closed, but trackbacks and pingbacks are open.