In the latest bitcoin news, we have another bitcoin price prediction done by Anthony Pompliano who works in Morgan Creek. He said in an interview that he believes that the price of bitcoin will bottom out by 85 percent in value from its all-time high.
Pompliano based his prediction on the previous experience in the crypto market by saying:
“85% from the all-time high is about where we’ll end up. Puts it around $3,000. Came close over the weekend but probably a little bit more to fall.”
He continued to explain that he thinks Bitcoin was simply overvalued and how it is in a healthy correction period. In December, Bitcoin was overvalued. However, he claims that this year there are more sellers than buyers so it is healthy for the price to go down. However, there are a few things to be considered.
The first thing is the transaction settlement layer that will always be worth something. The second thing is the best performing asset over the past ten years. Bitcoin has outperformed Nasdaq and many more in the longest bull run ever. And the third thing is retail.
Pompliano went on to explain how he believes that it is important to remember that through 2017 all of the major buyers were retail but today, many institutions are coming in. Also, most of these institutions are not buying bitcoin on an exchange. He believes that this is a washout time for the retail investors.
He ended the interview by explaining how Morgan Creek has plans to acquire discounted Bitcoin and the partnership with Bitwise Asset Management which enable institutional clients to get access to Bitcoin quickly.
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