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Cryptocurrency analyst Lark Davis painted a rosy picture for the long-term prospects of the crypto industry, predicting significant upside for the next 12 months.
What Happened: In a post on social media platform X, Davis stated that gold prices are currently at an all-time high. He interprets this as a bullish sign, as “Bitcoin often lags gold by a few months.” August saw gold prices spiking to all-time high levels, with a single gold bar valued at $1 million for the first time.
J.P. Morgan predicts gold to exceed $2,500/oz by the end of 2024, and its current predictions forecast that gold will reach $2,600/oz in 2025.
Davis also noted that the dollar index is “crashing”, and global M2 Supply is rising. The dollar index is at a three-week low against the yen due to Fed Chair Jerome Powell's dovish shift. It is also hovering near multi-month lows against the euro and sterling due to differing central bank policies and expectations of rate cuts in the U.S.
Polymarket traders put the odds for a 25 bps cut at the September Federal Reserve meeting at over 75%.
Also Read: Veteran Analyst Benjamin Cowen Predicts Bitcoin To Rise But Altcoins To Outperform Bitcoin In 2025
Davis also commented on the the U.S. elections, saying usually elections are “bullish for the crypto market.” He added that "we could get a pro-crypto president in November."
Currently, former President Donald Trump and Vice President Kamala Harris are tied on prediction markets. Trump has voiced his pro-crypto stance and has launched his own crypto-focused project called “World Liberty.”
Davis concluded that it was a “long choppy summer” and now it was “time to buckle up.” He stated, "The next 12 months are going to be insane." In the past month, Bitcoin is trading 10% down, while Ethereum (CRYPTO: ETH) has lost 21.2% of its value.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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