Kraken CEO Cancels $ 100,000 BTC 2021 Forecast: Crypto Winter Now Possible
While Bitcoin (BTC) continues to trade sideways around $ 48,000, Kraken CEO Jesse Powell is not counting on a potential crash in the cryptocurrency markets in the near term.
Crypto winter is now ‘possible’, Powell noted in a Dec. 14 interview with Bloomberg Technology, noting that Bitcoin and the crypto ecosystem have historically evolved around cycles based “sort of around Bitcoin’s halving.”
But despite a potentially looming crypto winter, Powell is confident the market will rebound from a bear market once investors start buying if BTC drops below $ 40,000:
“I think a lot of people see anything under $ 40,000 as a buying opportunity. Personally, I was buying when we dropped almost $ 30,000 a few months ago and I think a lot of people are just waiting to get back to rock bottom prices.
In the interview, Powell mentioned some of his previous Bitcoin predictions, including his Bitcoin forecast of $ 100,000 for the end of 2021. The CEO made this prediction in August, declaring, “I think we might see $ 100,000 plus a coin at the end of this year-start of next year.” He also predicted that the price of Bitcoin will reach “infinity” in March.
“It’s unclear where this is going,” Kraken CEO said in the last interview, noting that he was still bullish on Bitcoin for the long term. “When you look at a long term Bitcoin trendline and it is steadily rising. I always tell people, ‘If you are thinking of buying Bitcoin, think of it as an investment of more than five years.’ “
Related: Bitcoin loses stupid money as retail buys most BTC since March 2020 crash
Numerous figures in the crypto community have predicted that BTC will reach $ 100,000 by the end of 2021, including the creator of the stock-to-flow model PlanB, the co-founder of Morgan Creek Digital Assets Anthony Pompliano, the CEO. by SkyBridge Capital 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 point could arrive in 2022.