Jesse Powell: “BTC fall below $ 40,000 would be a good reason to buy”

Kraken CEO Jesse Powell believes that if Bitcoin falls below $ 40,000, it will be a great opportunity to buy it for long-term storage.

Back in early November, Bitcoin managed to reach a record level of $ 69,000, but in recent weeks it has been trading below $ 50,000.
conversation with Bloomberg Technology Jesse Powell said that if Bitcoin dropped 50% from the recently set high (from $ 69,000 – this is $ 34,500 – approx. ed.), many forward-thinking investors will take this chance and start buying bitcoin.

“I was buying bitcoin when it was down to $ 30,000 a few months ago. I’m sure a lot of people are just waiting for the BTC to drop in order to buy at the lowest price, ”Powell said.

Powell noted that he is more concerned about the US dollar and rising inflation. Powell predicts that inflation will continue to rise in the coming months. In June, the Kraken executive suggested that Bitcoin will reach $ 100,000 by the end of the year. Considering that BTC is trading at around $ 47,000 today, the desired mark is still very far away. Powell added that it is now difficult to determine the direction in which the bitcoin rate may move.

“It’s hard to know where bitcoin is going. If you look at its long-term trendline, it is constantly growing. I always say, “If you are planning to buy bitcoin, then think of it as an investment for at least five years,” Powell added.

Earlier this month, economist Louis Navellier suggested that Bitcoin could crash to $ 10,000 due to the actions of the US Federal Reserve (FRS), which is trying to fight inflation.