Crypto Analyst Says Bitcoin Can Go to $48,000 This Year

On Friday (3 August 2023), highly popular New Zealand-based crypto analyst Lark Davis declared his year-end price target for Bitcoin ($BTC).

According to data from TradingView, in the year-to-date (YTD) period, the Bitcoin price has gone from $16,615 to $23,502, which is a gain of 41.45% (vs USD).

Earlier today, Davis told his one million Twitter followers that although he does not expect Bitcoin to break its all-time high (i.e. around 69,044, which was recorded on 10 November 2021) in 2023, he believes that the $BTC price could go as high as $48,000 this year.

Yesterday, billionaire investor Ray Dalio was interviewed by Andrew Ross Sorkin, co-anchor of CNBC’s Squawk Box. During the interview, Dalio shared his views on crypto in general and Bitcoin in particular.

“I think it’s been, you know, quite amazing that for 12 years it’s accomplished but I think it has no relation to anything. It’s a tiny thing that gets disproportionate attention,” said Dalio. “It’s not going to be an effective money. It’s not an effective store hold of wealth. It’s not an effective medium of exchange.”

Dalio believes that a digital currency that is linked to inflation would be a better option than Bitcoin. “If you created a coin that says okay, this is buying power that I know I could save in and put my money and over a period of time and then I can transact in anywhere, I think that that would be a good coin. I don’t think Bitcoin is it,” he said.

In an op-ed piece for the Wall Street Journal that was published on Wednesday (1 February 2023), Charlie Munger, the billionaire vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett, wrote that Bitcoin should be banned:

“Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity… The U.S. should now enact a new federal law that prevents this from happening.“

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