After Bitcoin broke through the $45k resistance level reaching the $48k mark, it retested the $45k level. Some analysts are still expecting a rise above $50,000, others have abandoned their bullish approach. Meanwhile, the top CEOs of Pantera Capital and Skybridge Capital remain optimistic that the coin will hit the $100,000 mark within a year or two.
Bitcoin is trading at $45,754 on the daily chart | BTCUSD on TradingView.com
Pantera Capital CEO is ‘very optimistic’
In an interview with Yahoo Finance, Pantera Capital CEO Dan Morehead commented on Bitcoin’s price action so far this year. Morehead noted that within the history of Bitcoin cycles, it has had six previous bear markets averaging around 60%, and the one in 2022 has been 50%.
In his opinion, bitcoin cycles will start to moderate thanks to a lot of institutional commitment, and “a 50% bear market is probably all it will get going forward.”
“I think we are at or very close to the lows.”
Morehead said he is “wildly bullish right now” because he thinks Bitcoin and asset classes will decouple, noting that the high correlation that usually occurs during periods of stress, similar to the 2022 turmoil, eventually breaks down, usually after an average of 72 days. . “I think stocks and bonds can potentially continue to go down for years while blockchain assets can go up.”
Morehead accepted that Pantera Capital was unable to predict how the Fed rate hike scare would affect the crypto market, but believes “in this case, the markets are wrong and blockchain will become decoupled from the other asset classes.”
“If you think about it, with rates going up, that’s mathematically negative for bonds. It also has a negative impact for anything else with discounted cash flows like stocks or real estate, but the blockchain is totally independent of fees.”
In his forecast, Morehead expects Bitcoin to return to the typical 2.5X annual growth it has been doing for 11 years within six months. If so, in a year Bitcoin could be worth around $100,000 per coin.
Scaramucci sees a $500k Bitcoin
Similarly, in a interview With CNBC, Skybridge Capital CEO Anthony Scaramucchi again predicted that “Bitcoin will reach $100,000 in the next two years” based on growth in adoption.
Scaramucchi quotes Glassnode as stating that “there are probably 245 million Bitcoin-related wallets or accounts”, while in October-November 2020 there were around 85 million wallets. The CEO believes that the increasing adoption makes people more confident in the coin.
“Someone like Cathie Wood would tell you, a billion wallets, Bitcoin could easily be exchanged at $500,000 a coin.”
While Scaramucchi’s predictions for 2021 weren’t spot on, he accepts that he failed to anticipate the Russo-Ukrainian war and the prolongation of COVID, but sees no reason for Bitcoin not to hit the $100K mark two years from now “given the the way it is.” scaling globally” and its many use cases.
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A bullish pattern
Meanwhile, analyst Yuriy Bishko believes that BTC follows a Wyckoff reaccumulation pattern. Wyckoff’s market cycle theory is used to predict market direction and supports the idea that prices move in a four-phase cyclical pattern: accumulation, rise, distribution, and decline.
These phases can reflect investor behavior and thus possibly predict future price movement.
Within the marking phase, price action moves in a prolonged uptrend, and the rebuild phase is a sideways range that interrupts the marking with small consolidation patterns. After the re-accumulation, prices start to rise, but the support zone should hold strong. Consider the example shared by a pseudonym analyst:
Thus, 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.
“Worldwide, Bitcoin it 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 time frames (1d, 1w).”
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