The cryptocurrency market can be volatile and we are currently in bear season. Despite being bullish on Bitcoin’s long-term prospects, this week CEO Jesse Powell announced that he would be abandoning his $100K BTC forecast for 2020 given the current market conditions.
The “crypto with most growth potential” is a term that has been used to describe the cryptocurrency market. Anthony Pompliano first coined the term and it is being used more frequently due to the current state in the crypto market.
Bitcoin (BTC), which trades sideways at $48,000 continues to trade, but Kraken CEO Jesse Powell doesn’t rule out a temporary cryptocurrency market meltdown.
Powell noted in a Dec. 14 interview with Bloomberg Technology that a crypto winter is now “possible,” adding that Bitcoin and the crypto ecosystem have traditionally grown around cycles centered “kind of around the Bitcoin halving.”
Powell is positive that there will be a crypto winter despite the possible decline in bitcoin prices below $40,000 and Powell remains optimistic that the market will rebound from a bearish market.
“I believe a lot of people consider anything under $40,000 to be a good purchase. When we went down around $30,000 a few months ago, I was personally purchasing, and I believe a lot of folks are simply waiting to get back in at rock bottom pricing.”
Powell referenced several of his past Bitcoin forecasts, including his $100,000 Bitcoin forecast for the latter part of 2021. “I believe we might hit $100,000 plus a coin late this year-early next year,” the CEO predicted in August. He also projected that the price of Bitcoin will reach ‘infinity’ in March.
In a recent interview, Kraken CEO remarked, “It’s impossible to tell where it goes.” He added that he is still confident about Bitcoin in the long run. “When you look at the long-term trendline of Bitcoin, it’s only going up.” “If you’re thinking about purchasing Bitcoin, think at it as a five-year plus investment,” I constantly advise people.
Since the March 2020 meltdown, Bitcoin has lost its ‘dumb money’ image as ordinary buyers have purchased the majority of the cryptocurrency.
Many notable crypto industry figures, including PlanB and Anthony Pompliano (co-founders of Morgan Creek Digital Assets), SkyBridge Capital CEO Anthony Scaramucci (and others), predicted that Bitcoin would reach $100,000 by 2021.
Last Monday, Bitwise’s chief investment officer Matt Hougan said that $100,000 by the end of the year would be a “tough forecast to make,” implying that the price level may arrive in 2022.
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The “Crypto winter now possible” is a headline that was released by the CEO of Kraken. The CEO said that the company’s forecast for 2021 has changed to $100,000 BTC which means that it is possible for crypto winter to happen. Reference: daily crypto news.
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