Become a Blockchain Expert Founder & Main Lecturer, Cem Goksel Ozargun, provided expert opinion on cryptocurrency and ICO markets per request of ICObench team. Below are his thoughts regarding the market.
Expert Opinion – Cem Goksel Ozargun
As is known, cryptocurrency market cap has been in a downwards movement since December 2017. The market has seen a parabolic rise in 2017 and now we are in correction process, which is pretty normal. I was one of the few people that foresaw BTC/USD would go below $6,000 when the price was $17,000 but unfortunately, at the time, few believed me. Now, here are the results.
My expectation is that this will not continue like this forever, of course. We may see new lows in BTC, which might be due to the possible strengthening of USD dollar in the world, ETF-related news, regulations and hacks, but after that, there will be bright days. At the time of this writing, DXY (Dollar Index) is at 95.xx levels and I expect it to reach 115 by mid-2021. This would result in a 21% loss in every other asset valued against dollar. These include foreign exchanges, gold, silver, foreign stocks… and of course, cryptocurrencies. The year, 2021, also corresponds to the date I expect we would be in the midst of a fierce global financial crisis that hasn’t been experienced since 1929. Possibly, we will see even reputable companies and banks going bankrupt, stock exchanges shutting down, ATM withdrawal limiting, people losing their mortgaged homes, etc. I know this might sound crazy but there are many reasons behind my expectation which would take too long to describe here. Briefly, some of the reasons are the highly over-bubbled derivative market, global debt ratio, signals coming from currencies and stock exchanges, trade wars, major crisis cycles (Elliott waves), etc.
Anyway, coming back to cryptocurrencies, in the long-term, I would expect $100,000+ prices in Bitcoin, especially after people see that they are losing everything they have with the current system. They will begin abandoning dollar and other currencies and will look for a global currency (and of course a store of value, like gold) which will increase interest in Bitcoin.
But is it wise to invest in cryptocurrencies today? Well, that is very difficult to answer. What I can say is that a person that invests today at $6,500, will most probably have made lots of profits in 2021, even if the prices drop down first. My strategy is to gradually invest. For example, if I buy some bitcoins today, I would increase the amount I buy as the price drops. Specifically, I would buy twice the amount at $4,500 and threefold at $3,000, and so on.
Regarding the ICOs, it is unfortunate to witness the demand decreasing this much. Even I have stopped investing in ICOs for a while after seeing my investments losing value so fast. I believe the market thinks the same as I do. Small investors are afraid of losing their money and ceased contribution to ICOs. Even so, the project teams have been selling the raised amounts in panic to liquidate their positions before ETH and other cryptocurrencies would lose more value. All these reasons resulted in a rapid fall in the ICO and cryptocurrency markets but this too will pass. After maybe a year or two, ICOs will be popular again, ETH will regain its value, and probably another platform with better technology will replace Ethereum.
My advice to everyone as the lecturer of ‘Become a Blockchain Expert’ course, would be to educate yourselves and prepare for what might come.
Good luck in your crypto-journeys!