One Crypto Analyst Is Predicting An Incredibly Massive Bitcoin Rally This Year. Here's Why.

Former Coinbase Chief Technology Officer (NASDAQ: COIN) Balaji Srinivasan recently predicted that Bitcoin (CRYPTO: BTC) will explode by more than 3,300% in less than 90 days.

In an interview with ARK Invest last Thursday, Srinivasan said that, given the current U.S. banking fiasco, people will flee to Bitcoin. 

"I think we see an exit from the U.S. banking system towards Bitcoin over the next weeks and months and perhaps years to come," he said. 

"The timeline for this would be 90 days, and I don't think it's impossible given how fast digital bank runs happen. So, [the] timing is hard — prepping is easy," he added. 

Srinivasan said the Federal Reserve has caused instability in the market and that it could push many people to move toward Bitcoin.

"We're having the true election now, between the U.S. dollar and BTC, where people are again voting against a very different kind of central planning. And that's the macro frame that I have on this. The level of instability the Fed has been causing, they're now in the state of like a plane experiencing turbulence," he explained.

Also Read: Bitcoin, Ethereum, Dogecoin Rise Amid CFTC Binance Lawsuit: Analyst Says Apex Crypto Under $30K Is A Gif

Last week, Srinivasan made a bold prediction, claiming that Bitcoin's price could skyrocket to $1 million by June 17 due to the rapid devaluing of the U.S. dollar in the coming months.

Another crypto analyst, who goes by CrediBULL Crypto on Twitter, tweeted on Saturday that he believes Bitcoin is in the early stages of a big bull run following a long bottoming-out period last year.

At the time of writing, Bitcoin was trading at $27,965, down by two percent in the last seven days. 

Read Next: Bitcoin White Paper Found Hidden In Apple's MacOS: A Tribute To Satoshi Nakamoto?

Photo: Shutterstock