As of now, the majority of the investors and gurus in the cryptocurrency sector are unable to pinpoint exactly where Bitcoin (BTC) stands at the moment. From the looks of it, Bitcoin has the tendency to go to any side as it is currently trading at $48,000.
The $48,000 figure for BTC is neither a high price nor a low one. This is the reason why it has the majority of the crypto- and investors’-community confused entirely.
This is when Jesse Powell, the CEO at Kraken has opened up about his thoughts on the growth of Bitcoin. According to Powell, he is currently not pushing the fact out of consideration that the crypto-sector may experience a brief crash.
He stated that given the current situation of the cryptocurrency market, he can say that the winter may be possible for the cryptocurrency sector. Powell reportedly shared his thoughts on the price of Bitcoin and the entire crypto-market during an interview with Bloomberg Technology on Tuesday, December 14, 2021.
He stated that no matter how vast the cryptocurrency sector has grown, it is mainly revolving around the largest cryptocurrency in the house “Bitcoin”. No matter how much any analyst may try to deny it, but it has been observed that the cryptocurrency cycles have evolved based on the halving of Bitcoin.
Powell stated that as of now, he sees that the cryptocurrency sector may be going towards the bearish side. However, he stated that he is more than confident that the crypto-sector will bounce back, soon after the plunge.
He stated that despite the negative sentiments, the investors always have their eyes on Bitcoin. The moment the price of Bitcoin falls below the $40k per BTC figure, there will be a huge rally for it as investors will turn bullish.
The bulls will start buying Bitcoin on a very large scale in order to benefit from the market dip. Powell stated that he is also among the people who would use BTC’s price to their advantage. They wouldn’t be missing the opportunity and start buying BTC the moment it falls below the $40k mark.
It was back in August of 2021 when Powell made his prediction about Bitcoin hitting a $100,000 per BTC price. He stated that BTC will be able to hit the particular figure just as the year comes to a close. He also claimed that by March of 2022, BTC’s price will be infinity.
However, the results have been exactly the opposite of what the predictions had been made. Still, Powell states that he is bullish about the price of Bitcoin but he can’t say for sure how high its price would go in the upcoming months.