Capriole Investments analysts name the main condition for bitcoin’s growth to $ 600,000

According to analysts at Capriole Investments, the flagship cryptocurrency has every chance of rising to a historic high of $ 600,000 if the BTC manages to achieve the same success in 2024 as gold did in 1970. Experts explained that it was in 1970 that gold became the best asset in the world, and bitcoin has every chance of becoming the safest asset in 2024.

Despite the fact that BTC quotes have fallen by almost 80% below the previous historical high, Capriole Investments is not bearish. «The reason lies in the financial history of the global economy of the last century. In the seventies, gold acquired the status of the safest instrument for preserving capital at that time. Its value has shown tremendous growth over the decades,» the experts explained.

Capriole Investments emphasized that gold was scarce in those years and remained in demand and safe even after decades of inflation and high interest rates. Given that bitcoin accounts for only 2.5% of gold’s market capitalization, its 80% drop in value is not critical to the collapse of traditional markets, analysts believe.

However, not all experts share the opinion of Capriole Investments. According to Eric Robertsen, Head of Research at Standard Chartered, the demand for Cryptocurrencies from investors will start to fall due to cyberattacks on the platforms and bankruptcies that will continue. The difficulties of the cryptocurrency sector will benefit gold, which will reach $ 2250 per ounce, according to Standard Chartered. «Gold will benefit in the future from the problems in the crypto industry and the sharp drop in confidence in the cryptocurrency ecosystem,» said Nicholas Frappell, a representative of ABC Refinery.