Cryptocurrency investors have long wondered when the Bitcoin price will bounce back. Jordan Belfort, a former stockbroker and Wall Street entrepreneur, believes that Bitcoin will eventually recover. The legendary investor said in his latest analysis that we will buy Bitcoin at these levels sometime.
Will Bitcoin recover by the end of 2022?
Now on everyone’s mind, “Will the cryptocurrency market pick up again?” has a question. In this regard, legendary stockbroker Jordan Belfort says a jump is almost certain. Belfort’s Bitcoin price predictions are for long-term investors from three to five years. According to a Bloomberg report, Belfort is optimistic about Bitcoin’s long-term prospects. He says that Bitcoin is fundamentally well-founded:
Bitcoin price will “likely” increase in the next three to five years. If you had a time horizon of three or maybe five years, I’d be surprised if you didn’t make any money. The main reason for this is that the fundamentals of Bitcoin are quite solid.
BTC remains uncertain in the short term, according to Jordan Belfort
But the legendary stockbroker is unsure of Bitcoin’s short-term prospects. He says that Bitcoin’s success depends on luck. According to Belfort, investors will almost certainly profit from their Bitcoin investments if their luck is in their favour. According to Jordan Belfort:
Investors, with fair luck, will make almost any money in just two years.
Bitcoin is trading above $20,000 again
As Cryptokoin.com, we have not included in our analysis, BTC has exceeded $ 20,000 today. It gained 3% in value compared to the last 24 hours. The depreciation compared to last week is slightly higher today from the 7% red. It hit a low of $19,341 in the last day. It recorded a local top of $20,405 in this timeframe.
BTC had its worst monthly performance since 2011 in June, dropping more than 37%. Additionally, Bitcoin (BTC) has seen its worst quarterly performance. Meanwhile, it lost more than 60% of its value in the second quarter of 2022.
What does on-chain data say for Bitcoin’s short-term outlook?
Glassnode says the uncertainty of US inflation forecasts has yet to be clarified. On-chan data source shared that the market remains largely at risk. This is also reflected in Bitcoin’s on-chain performance and network efficiency. Also, institutional investors are heavily shorting Bitcoin.
The BTC price correction is strikingly similar to the previous bear market lows of 2018 and 2020. But as of now, there is not enough catalyst for Bitcoin price reversal. Analysts at Glassnode say:
The case for Bitcoin bottom formation rests on a strong combination of observable dominance by strong investors, historically significant declines in numerous macro oscillators, and prices that are within striking distance of several bear market pricing patterns.
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