Possible Timelines For Bitcoin To Hit $100k: Why CEOs See Bullish Signs
March 31 2022 - 7:59PM
NEWSBTC
After bitcoin broke above the $45k resistance level reaching the
$48k mark, it has retested the $45k level. Some analysts still
expect a rise to above $50k, others have abandoned their bullish
approach. Meanwhile, leading CEOs from Pantera Capital and
Skybridge Capital remain positive that the coin will reach the
$100k mark in a period of one to two years. Pantera Capital CEO Is
‘Wildly Bullish’ In an interview with Yahoo Finance, the CEO of
Pantera Capital Dan Morehead commented on Bitcoin’s price action so
far in the year. Morehead noted that within the history of Bitcoin
cycles, it’s had six previous bear markets that average about 60%,
and 2022’s has been 50%. In his opinion, the bitcoin cycles will
begin to moderate thanks to large institutional engagement, and “a
50% bear market is probably all you’re going to get going forward.”
“I think we’re either at the lows or very close to it.” Morehead
said he is “wildly bullish right now” because he believes that
Bitcoin and the asset classes will decouple, noting that the high
correlation that usually happens during periods of stress –similar
to 2022’s turmoil– eventually breaks, usually after a 72-days
average. “I think stocks and bonds may keep going down potentially
for years, whereas blockchain assets can go up.“ Morehead accepted
that Pantera Capital failed to predict how fear over the Fed’s
rates rising would affect the crypto market, but believes that “in
this case, the markets have it wrong, and blockchain will decouple
from the other asset classes.” “If you think about it, with rates
rising, that is mathematically negative for bonds. It also has a
negative impact for anything else with discounted cash flows like
equities or real estate, but blockchain’s totally independent of
rates.” In his forecast, Morehead expects that six months from now
bitcoin will be back to the typical 2.5X yearly growth that it’s
been doing for 11 years. If so, then in a year Bitcoin could be
worth about $100,000 per coin. Scaramucci Sees a $500k Bitcoin
Similarly, in an interview with CNBC, the CEO of Skybridge Capital
Anthony Scaramucchi predicted again that “Bitcoin will hit $100k in
the next two years” based on adoption growth. Scaramucchi quotes
Glassnode claiming that “there’s probably 245 million wallets out
there or accounts related to Bitcoin,” while in October-November of
2020 there were about 85 million wallets. The CEO believes the
growing adoption turns into people being more confident in the
coin. “Somebody like Cathie Wood would say to you, a billion
wallets, Bitcoin could easily trade to $500,000 a coin.” While
Scaramucchi’s predictions from 2021 were not spot on, he accepts
that he failed to anticipate the Russo-Ukrainian war and the
elongation of COVID, but he sees no reason for Bitcoin not to hit
the $100K mark within two years “given the way it’s scaling
globally” and its many use cases. Related Reading | Will
Strike Announce A Partnership With Apple At Bitcoin 2022? Here’s
The 411 A Bullish Pattern Meanwhile, analyst Yuriy Bishko believes
that BTC follows a Wyckoff re-accumulation pattern. The Wyckoff
market cycle theory is used to predict the market’s direction, and
it supports the idea that prices move in a cyclical pattern of four
phases: accumulation, markup, distribution, and markdown. These
phases can reflect the investors’ behavior, thus possibly
predicting future price movement. Within the Markup phase price
action moves in a long uptrend, and the re-accumulation phase is a
sideways range that interrupts Markup with small consolidation
patterns. After re-accumulation, prices start to move higher, but
the support zone needs to hold strongly. Note the example shared by
a pseudonym analyst: Like so, Bishko believes that Bitcoin is
following this same pattern, currently entering Phase D. If true
and the price continues to replicate the movements, it could retest
an ATH. “Globally, Bitcoin is in a larger consolidation
channel with a range of $30-67K. This consolidation is not a bear
market until the price creates lower lows. Right now we see on the
chart higher highs (HH) and higher lows (HL) on the higher
timeframes(1d,1w).” Related Reading | Data Shows Bitcoin
Investors Afraid To Take Risk As Leverage Remains Low
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