As Bitcoin (BTC) continues to commerce sideways round $48,000, Kraken CEO Jesse Powell will not be counting out a possible crash on cryptocurrency markets within the quick time period.
“A crypto winter is now “potential,” Powell said in a Tuesday interview with Bloomberg Know-how, noting that Bitcoin and the crypto ecosystem have traditionally developed round cycles primarily based “kind of across the Bitcoin halving.”
However regardless of a probably looming crypto winter, Powell is assured that the market will bounce again from a bear market as soon as buyers begin shopping for, ought to BTC drop under $40,000:
“I believe lots of people see something beneath $40,000 as a shopping for alternative. I used to be personally shopping for after we dipped again near $30,000 a number of months in the past and I believe lots of people are simply ready to return again in at all-time low costs.”
Within the interview, Powell talked about a few of his earlier Bitcoin predictions, together with his $100,000 Bitcoin forecast for late 2021. The CEO made this prediction in August, stating,“I believe we may see $100,000 plus a coin late this yr early subsequent yr.” He additionally predicted that Bitcoin worth goes to “infinity”in March.
“It’s onerous to know the place it goes,” Kraken CEO mentioned within the newest interview, noting that he’s nonetheless bullish on Bitcoin in the long run. “If you have a look at a long-term trendline of Bitcoin and it’s simply up persistently. I at all times inform individuals, ‘If you consider shopping for Bitcoin, give it some thought as a five-year plus funding.'”
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Many outstanding figures within the crypto neighborhood predicted BTC would hit $100,000 by the top of 2021, together with stock-to-flow mannequin creator PlanB, Morgan Creek Digital Belongings co-founder Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci and others.
Final week, Bitwise chief funding officer Matt Hougan claimed that $100,000 by the top of the yr was a “tough prediction to make,” suggesting that the worth stage may are available in 2022.
