Is this the long-awaited crypto winter or just another pullback? The CEO had predicted in August that Bitcoin would trade at “$100,000.00 plus a coin” late next year or early next.
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 possible in a Tuesday interview with Bloomberg Technology. He noted that the history of Bitcoin and the crypto ecosystem has been shaped by cycles that were “sort-of around the Bitcoin halving.”
Powell believes that the market will rebound from a bearish market once investors begin buying, even though there is a possibility of a crypto winter.
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 $100,000 Bitcoin forecast in late 2021. This prediction was made by Powell in August. He stated that he believed we would see $100,000 plus a coin in the late-2020s.
“It’s hard to know where it goes,” Kraken CEO said in the latest interview, noting that he is still bullish on Bitcoin in the long term. “When you look at a long-term trendline of Bitcoin and it’s just up consistently. I always tell people, ‘If you think about buying Bitcoin, think about it as a five-year plus investment.'”
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Many prominent figures in the crypto community predicted BTC would hit $100,000 by the end of 2021, including stock-to-flow model creator PlanB, Morgan Creek Digital Assets co-founder Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci and others.
Last week, Bitwise chief investment officer Matt Hougan claimed that $100,000 by the end of the year was a “difficult prediction to make,” suggesting that the price level could come in 2022.