Jesse Powell, Kraken CEO, isn’t counting on a crash in cryptocurrency markets as Bitcoin (BTC), continues to trade sideways at $48,000.
Powell stated that a crypto winter is now possible in a December 14 interview with Bloomberg Technology. He noted that the history of Bitcoin and the crypto ecosystem has been based on cycles that revolve around the Bitcoin halving.
Powell believes that the market will rebound from a bearish market, despite a possible crypto winter. Investors should start buying if BTC drops below $40,000
I think that a lot people view anything below $40,000 as a purchasing opportunity. I remember buying when the prices dropped to $30,000 a few month ago. I believe that many people are waiting for rock bottom prices to return to buy.
Powell spoke about his past predictions for Bitcoin, including his prediction of $100,000 in Bitcoin late 2021. This prediction was made by Powell in August. He stated that he believed there would be $100,000 in Bitcoin in the late 2021-early 2021 period.
Kraken CEO, said that it’s difficult to predict where Bitcoin will go in his latest interview. He also noted that he remains bullish on Bitcoin long-term. If you look at the long-term trendline for Bitcoin, it’s up consistently. “If you are thinking about buying Bitcoin, consider it as a five-year plus investment.”
Related: Bitcoin’s retail buyers buy most BTC since the March 2020 crash.
Many prominent crypto figures predicted that BTC would reach $100,000 by 2021. These included PlanB, Morgan Creek Digital Assets cofounder Anthony Pompliano and SkyBridge Capital CEO Anthony Scaramucci.
Matt Hougan, Bitwise’s chief investment officer, stated last week that $100,000 would be reached by the end the year. This suggests that it could reach $100,000.
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