The cryptocurrency market tumbled in April, accompanied by a European Union Parliament committee that voted in favor of a regulatory package for anonymous private wallets that included KYC and AML laws. CEOs of Pantera Capital, Skybridge Capital and Galaxy Digital remain bullish on Bitcoin (BTC), regardless of the current market correction…
Pantera Capital CEO says Bitcoin (BTC) is in a bull run
Pantera Capital CEO Dan Morehead, in a recent interview, commented on Bitcoin’s price action so far over the year. Morehead noted that in the history of Bitcoin cycles, there have been six bear markets that averaged around 60% before, and 50% by 2022. According to Morehead, Bitcoin cycles will begin to moderate thanks to large institutional participation and “probably a 50% bear market is all we will see going forward.”
Morehead said it’s “wildly bullish right now” as he believes Bitcoin (BTC) and cryptocurrencies will separate from other markets, adding that the high correlation that often happens during times of stress – in 2022. It’s like turmoil – in the end, he noted that it usually breaks after a 72-day average:
I think cryptocurrencies could rise while stocks and bonds could potentially continue to fall for years.
Morehead acknowledged that Pantera Capital failed to predict how fears of rising Fed interest rates would affect the crypto market, but said that “in this case, markets are wrong and cryptocurrencies are other assets. believes that he will leave his classes”. In part of the interview he said:
If you think about it, this is mathematically negative for bonds as rates go up. It also has a negative impact on anything else that has discounted cash flows like stocks or real estate, but cryptocurrencies are completely independent of rates.
Morehead hopes that six months later, Bitcoin will return to the typical 2.5x annual growth it has had for 11 years. If so, then within a year Bitcoin could be worth around $100,000 per coin.
Scaramucci predicts $500,000 Bitcoin
Similarly, Skybridge Capital CEO, Anthony Scaramucchi, in an interview with CNBC, stated that “Bitcoin will hit $100,000 in the next two years, depending on adoption growth.” predicted it would reach. Scaramucchi cites a claim from Glassnode that “there are probably 245 million wallets or accounts related to Bitcoin”, while in October-November 2020 there were around 85 million wallets. The CEO shares that he believes the increased adoption has translated into people who trust the coin more with:
Someone like Cathie Wood would tell you, a billion wallets, Bitcoin could easily trade for $500,000 per BTC.
Although Scaramucchi’s predictions for 2021 are not in place, he admits that he did not foresee the Russian-Ukrainian war and the prolongation of COVID, but that Bitcoin will hit $ 100,000 in two years sees no reason not to. scaling at a global scale” and many use cases.
Technical analysts assess a bull pattern
Meanwhile, analyst Yuriy Bishko believes BTC is following a Wyckoff reaccumulation pattern. Wyckoff market cycle theory is used to predict the direction of the market and supports the idea that prices move in a cyclical pattern with four phases: accumulation, price increase, distribution and discount. These phases can reflect the behavior of investors and thus possibly predict future price movements.
Price action within the Marking phase moves in a long uptrend and the reaccumulation phase is a horizontal range interrupting the Markup with minor consolidation patterns. After re-accumulation, prices start to rise, but the support zone needs to be held strong. Check out the example shared by the crypto analyst nicknamed Bishko:
As such, Bishko believes that Bitcoin follows the same pattern that is currently entering Phase D. If correct and price action continues to repeat, it could retest an ATH. Bishko comments on the following technical chart:
Bitcoin (BTC) globally is in a larger consolidation channel in the $30-67k range. This consolidation is not a bear market until the price forms lower lows. We are currently seeing higher highs (HH) and higher lows (HL) on the higher timeframes (1d,1w) on the chart.
Mike McGlone: Bitcoin shows a different strength
Commodity strategist Mike McGlone, whose analysis we share with Kriptokoin.com, in his recent analysis, stated that the last few weeks have been very strong. He stated that it makes it very clear that few assets can rival Bitcoin. McGlone says that this, coupled with the declining supply of Bitcoin’s encoded, is what drives the price of Bitcoin.
In the tweet above, the commodity strategist continued to support this stance. He noted that Bitcoin is undoubtedly on its way to becoming global collateral, except for something that distorts market forces at play.
Galaxy Digital CEO makes positive predictions for Bitcoin (BTC) despite the decline
Galaxy Digital Holdings CEO Mike Novogratz has made positive year-end predictions for Bitcoin (BTC). “It wouldn’t surprise me to see crypto significantly higher by the end of the year,” the billionaire cryptocurrency investor said today during Galaxy’s earnings call published by Bloomberg. Novogratz says that after the widespread adoption of the world’s largest cryptocurrency, increased trading volume and innovative technology it has seen so far, it is now more constructive about the crypto market than in previous years:
The adoption cycle I’ve seen, the way markets trade and I’ve been more constructive than I am, given how I see new people wanting to enter, the innovation we’re seeing on Web3, and the metaverse space. at the beginning of the year.
While the Galaxy Digital boss did not set a specific price for the top asset class in his latest forecast, Novogratz previously stated that Bitcoin could go up to $50,000 for the year. Meanwhile, Bitcoin, which seemed poised to reclaim the $50,000 price level in the previous days, is down 2.9% in the last 24 hours. Novogratz is among the billionaire Bitcoin investors who continue to show their faith in the world’s largest cryptocurrency. Earlier this year, contrary to the negative predictions of the traditional financial investor, he made a $1 million bet with popular gold advocate Peter Schiff in favor of over $35,000 in Bitcoin trading. Novogratz said that once the BTC price drops below $35,000 by the end of the year, $1 million will be sent to any charity of their choice.
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