Crypto

Crypto Winter Now Possible as Kraken CEO Reverses $100K Bitcoin 2021 Forecast

Crypto Winter Now Possible as Kraken CEO Reverses $100K Bitcoin 2021 Forecast

The CEO of Kraken has changed his mind about the $100K BTC forecast for 2021: Winter in crypto is now a possibility.

The CEO forecast in August 2021 that Bitcoin will trade for “$100,000 plus a coin” by the end of this year or the beginning of next year, 2021.

While Bitcoin (BTC) continues to trade sideways at $48,000, Kraken CEO Jesse Powell does not rule out a short-term cryptocurrency market crash.

Powell noted in a December 14 interview with Bloomberg Technology that crypto winter is now “possible,” noting that Bitcoin and the crypto ecosystem have historically evolved around cycles based “kind of around the Bitcoin halving.”

Despite the possibility of crypto winter, Powell is optimistic that the market would recover from a bear market once investors begin purchasing if Bitcoin (BTC) falls below $40,000:

“I think a lot of people see anything under $40,000 as a buying opportunity. I was personally buying when we dipped back close to $30,000 a few months ago and I think a lot of people are just waiting to come back in at rock bottom prices.”

Powell cited some of his past Bitcoin (BTC) predictions in the interview, including his $100,000 Bitcoin prediction for late 2021. “I believe we could hit $100,000 plus a coin late this year early next year,” the CEO predicted in August. He also projected that the price of Bitcoin would reach ‘infinity’ in March.

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In a recent interview, Kraken CEO remarked, “It’s impossible to know where it goes.” He added that he is still confident in Bitcoin in the long run. “When you look at the long-term trendline of Bitcoin, it’s only going up.” “If you’re thinking about buying Bitcoin, think of it as a five-year plus investment,” I constantly advise people.

Many notable members of the Cryptocurrency industry, including PlanB, co-founder of Morgan Creek Digital Assets Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci, and others, anticipated that Bitcoin will surpass $100,000 by the end of 2021.

Last Monday, Bitwise’s chief investment officer Matt Hougan stated that $100,000 by the end of the year would be a “tough prediction to make,” implying that the price level could arrive in 2022.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.