The head of Kraken does not exclude the onset of crypto winter

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The CEO of the Kraken exchange Jesse Powell does not exclude the possibility of a further decline in the cryptocurrency market, while his forecast for Bitcoin for $ 100,000 by the end of the year looks less and less realistic. At time of publication, the first cryptocurrency is trading at around $ 47,700 after making several unsuccessful attempts to gain a foothold above $ 50,000 again.

In a conversation with Bloomberg, Powell said that he considers the onset of a new crypto winter “possible” and that the Bitcoin market has historically been characterized by cyclical behavior, the starting point of which is halving.

However, Powell believes that if Bitcoin falls below $ 40,000, investors will seize the opportunity to buy.

“I think a lot of people see values ​​below $ 40,000 as a buying opportunity. Personally, I bought when the market approached $ 30,000 a few months ago. I think many are just waiting for a reliable low, ”said CEO Kraken.

Powell said in August that Bitcoin could rise above $ 100,000 by the end of this year or early next, and in March he said that the price of cryptocurrency could go up indefinitely.

“It is difficult to predict where he will go,” CEO Kraken said in a recent interview, noting that he remains bullish in the long term. – If you look at the long-term trend line of Bitcoin, it is clearly directed up. I always tell people who are going to buy bitcoin to focus on horizons of five years or more. “

Investment director of Bitwise asset manager Matt Hogan also admitted last week that the forecast for Bitcoin at $ 100,000 is unlikely to come true this year, but admitted that it could come true next.

“I think as 2022 approaches, the market continues to be influenced by the same fundamental drivers and institutions that we speak to at Bitwise every day,” Hogan said, adding that many institutional investors are still discovering the cryptocurrency market for the first time.

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