Kraken CEO reverses $100K BTC 2021 forecast: Crypto winter now possible

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As Bitcoin (BTC) continues to commerce sideways round $48,000, Kraken CEO Jesse Powell just isn’t counting out a possible crash on cryptocurrency markets within the quick time period.

A crypto winter is now “attainable,” Powell said in a Dec. 14 interview with Bloomberg Expertise, noting that Bitcoin and the crypto ecosystem have traditionally advanced round cycles primarily based “type of across the Bitcoin halving.”

However regardless of a probably looming crypto winter, Powell is assured that the market will bounce again from a bear market as soon as traders begin shopping for ought to BTC drop beneath $40,000:

“I feel lots of people see something beneath $40,000 as a shopping for alternative. I used to be personally shopping for after we dipped again near $30,000 just a few months in the past and I feel lots of people are simply ready to come back again in at all-time low costs.”

Within the interview, Powell talked about a few of his earlier Bitcoin predictions, together with his $100,000 Bitcoin forecast for late 2021. The CEO made this prediction in August, stating, “I feel we might see $100,000 plus a coin late this year-early subsequent yr.” He additionally predicted that Bitcoin price is going to ‘infinity’ in March.

“It’s onerous to know the place it goes,” Kraken CEO mentioned within the newest interview, noting that he’s nonetheless bullish on Bitcoin in the long run. “While you take a look at a long-term trendline of Bitcoin and it’s simply up constantly. I at all times inform folks ‘If you consider shopping for Bitcoin, give it some thought as a five-year plus funding.’”

Associated: Bitcoin sheds ‘dumb money’ as retail buys most BTC since March 2020 crash

Many outstanding figures within the crypto group predicted BTC to hit $100,000 by the top of 2021, together with stock-to-flow model creator PlanB, Morgan Creek Digital Belongings co-founder Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci and others.

Final week, Bitwise chief funding officer Matt Hougan claimed that $100,000 by the top of the yr was a “troublesome prediction to make,” suggesting that the price level could come in 2022.