ADVFN analyst and CEO Clem Chambers believes that the short-term prospects for bitcoin are very vague and the BTC rate is unlikely to reach $ 100,000 in the coming years.
According to the analyst, the “bulls” are exhausted and in the coming months Bitcoin will consolidate and decline. There are too many “gamblers” on the market, and this is a negative signal for the first cryptocurrency. BTC is unlikely to hit $ 100,000 until the next miner reward halves in 2024.
“Insane volatility speaks of market uncertainty, which is bad,” Chambers said.
The analyst also spoke about institutional investors. In the cryptocurrency market, there is an opinion that the interest of large financial organizations leads to the growth of bitcoin. And this is largely true, but Chambers recalled that Wall Street sharks love money and don’t care about the rest of the market:
“Remember that institutional money is not being invested for your benefit. The Wall Street guys aren’t your friends. They live off the fact that they rob you, take the slightest profit and do it at any opportunity. They are not here to send bitcoin to “aboriginal”.
Earlier, analysts of the platform for institutional investors CrossTower said that the interest of large organizations in bitcoin will continue to support the BTC rate above $ 50,000. Now the first cryptocurrency is trading at $ 46,500.
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