With Bitcoin (BTC) continuing to trade sideways around $48,000, Kraken CEO Jesse Powell is not calculating the possibility of a crash in the crypto markets in the short term.
In an interview Tuesday with Bloomberg Technology, Powell said that a crypto winter is now “possible,” noting that Bitcoin and the cryptocurrency ecosystem have historically evolved around cycles based on “kind of around Bitcoin halving.”
But despite the possibility of winter looming in the crypto space, Powell is confident that the market will bounce back from a bear market once investors start buying, should Bitcoin drop below $40K:
“I think a lot of people see anything under $40K as a buying opportunity. I was buying in person when we fell back to close to $30,000 a few months ago and I think a lot of people are waiting to come back at very low prices.”
In the interview, Powell mentioned some of his previous predictions about bitcoin, including his prediction of $100,000 in bitcoin in late 2021. The CEO made that prediction in August, saying, “I think we might see $100,000 plus coin in late 2021.” This year, early next year.” He also predicted that the price of Bitcoin would go to “infinity” in March.
“It’s hard to know where to go,” Kraken CEO said in a recent interview, noting that he remains bullish on Bitcoin in the long-term. “When you look at a long-term trendline for bitcoin and it’s going up. I always tell people, ‘If you’re thinking about buying bitcoin, think of it as an investment for five more years.'”
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Several prominent figures in the crypto community have predicted that BTC will be worth $100,000 by the end of 2021, including creator of the stock-to-stream model PlanB, Morgan Creek Digital Assets co-founder Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci and others.
Last week, Bitwise Chief Investment Officer Matt Hogan claimed that $100,000 by the end of the year was a “difficult prediction,” suggesting that a price level could come in 2022.