The post Balaji Srinivasan Believes a 3,300% Bitcoin Explosion is Coming – Here’s What BTC Traders Can Expect appeared first on Coinpedia Fintech News

Former Coinbase Chief Technical Officer Balaji Srinivasan is doubling down on his bold prediction that Bitcoin (BTC) will explode over 3,300% from current levels within 90 days.

Srinivasan suggests that the US banking system’s troubles will drive people towards Bitcoin as a safe haven asset. He believes that the speed of digital bank runs makes it likely that BTC will hit $1 million within three months.

The former Coinbase executive contends that Bitcoin is an alternative to the US dollar’s centralized planning that is better suited to the free market.  He says that the instability caused by the Federal Reserve could trigger an exodus from the traditional banking system, leading to people seeking refuge in Bitcoin. Srinivasan frames the situation as an election between the USD and BTC.

Bitcoin’s Current Status

As of writing, Bitcoin is trading at $28,053, with a 24-hour trading volume of $10.8 billion. Bitcoin has experienced a decline of 0.74% over the past 24 hours, but it remains the leading cryptocurrency with a live market cap of $539 billion.

Technical analysis suggests that Bitcoin is displaying a bearish bias, with resistance expected at the $28,350 level. However, if Bitcoin surpasses this resistance level, its value may increase to $28,900 or even $29,400. In the event of a bearish trend, significant support is expected at levels around $26,500 and $25,500.

Srinivasan’s prediction may seem unrealistic, but Bitcoin has shown incredible resilience in the past, with many industry experts predicting bullish trends this year. It’s often difficult to forecast future cryptocurrency price movements, so it’s unclear if Srinivasan’s prediction will come true or not.