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Lark Davis Predicts Significant Upside for Crypto Industry in the Next 12 Months, Citing Gold's All-Time High

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2024-08-28 06:35:33444browse

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.

Lark Davis Predicts Significant Upside for Crypto Industry in the Next 12 Months, Citing Gold's All-Time High

Cryptocurrency analyst Lark Lark painted a promising picture for the future of the crypto industry with his latest analysis, predicting significant gains over the next 12 months.

Here's a summary of Lark's analysis:

1. Gold Prices Surging:

Lark highlighted that gold prices are currently at all-time highs, which he interprets as a bullish sign for cryptocurrency. He notes that “Bitcoin often lags gold by a few months.”

For context, August saw gold prices spiking to all-time high levels, with a single gold bar valued at $1 million for the first time. Notably, J.P. Morgan predicts gold to exceed $2,500/oz by the end of 2024, with current predictions suggesting that gold will reach $2,600/oz in 2025.

2. Dollar Index 'Crashing', Global M2 Supply Rising:

Lark also pointed out that the dollar index is “crashing”, indicating a decline in the value of the U.S. dollar relative to other major currencies. Additionally, he noted that the global M2 Supply is rising, which typically signifies an increase in the money supply.

To elaborate, 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, owing 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%.

3. U.S. Elections, Pro-Crypto President Possibility:

Lark further commented on the upcoming U.S. elections, highlighting that usually elections are “bullish for the crypto market.” He added that "we could get a pro-crypto president in November."

For perspective, currently former President Donald Trump and Vice President Kamala Harris are tied on prediction markets. Trump has been vocal about his pro-crypto stance and even launched his own crypto-focused project called “World Liberty.”

4. 'Long Choppy Summer', Time to Buckle Up:

Lark concluded his analysis by stating that it was a “long choppy summer” and now it was “time to buckle up.” He added, "The next 12 months are going to be insane."

It's worth noting that the crypto market has experienced a downturn in recent months, with Bitcoin trading 10% down and Ethereum losing 21.2% of its value over the past month.

5. Upcoming Benzinga Event:

The analysis concludes with a mention of Benzinga’s upcoming Future of Digital Assets event on Nov. 19, which is expected to delve into the influence of Bitcoin as an institutional asset class.

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