Renowned social media influencer and cryptocurrency expert Waqar Zaka has once again demonstrated his acumen in the digital currency market.

Bitcoin, the leading cryptocurrency, experienced a dramatic drop in market value, plummeting over 18% to $50,000 within 24 hours, aligning precisely with Zaka's recent warnings.

With a massive following on social media and a community of hundreds of thousands of cryptocurrency enthusiasts across platforms like Meta, Waqar Zaka has been a prominent voice in the crypto world.

Since June 15, 2024, Waqar Zaka, in his YouTube live stream where he conducts live leverage trading and makes profits within minutes, has consistently predicted that Bitcoin would reach levels between $49,888 and $48,825.

Today, Bitcoin hit this predicted range, earning him much appreciation. While global markets are experiencing a downturn, Waqar Zaka continues to keep Pakistanis informed and engaged through his live trading sessions on his YouTube channel, which has garnered significant appeal.

In recent weeks, he consistently predicted an impending decline in Bitcoin's value, urging his followers to prepare for a significant market correction. As Bitcoin's price tumbled, Zaka's foresight was lauded by his fans, who took to social media to express their appreciation.

"I've been following Waqar Zaka for a while, and his insights into the crypto market have always been reliable," said one follower on Twitter. "Thanks to his warning, I was able to make informed decisions and avoid the recent Bitcoin dump."

For #Bitcoin Let's verify this information #WaqarZaka pic.twitter.com/3G8fCJDdN2
— Waqar Zaka (@ZakaWaqar) August 5, 2024

The recent price crash in Bitcoin has had notable implications for the market. According to Velo Data, the annualized three-month futures premium on Binance, a leading crypto exchange, has dropped to 3.32%, the lowest since April 2023. This sell-off is part of a broader trend of risk aversion in global markets, influenced by the sharp rise in the anti-risk Japanese yen and fluctuations in the U.S. bond market.

Trump’s Bitcoin stance and Zaka’s influence

Adding another dimension to the discourse, former US President Donald Trump has echoed Zaka's sentiments, suggesting that the US might use Bitcoin reserves to manage national debt. This alignment of views between Zaka and Trump has further cemented Zaka’s credibility.

The ongoing discussion about Bitcoin’s role in national reserves has also reached Pakistan. With the country grappling with a significant external debt shortfall, some experts, including Zaka, advocate for considering Bitcoin as a financial strategy. The recent report from the Economic Affairs Division revealed that Pakistan secured only $9.81 billion in external debt last year, far below the anticipated $17.61 billion.

As the debate continues, Zaka’s insights and predictions remain a crucial reference point for investors and policymakers alike.