Bitcoin price to hit record high, expert expects ‘healthy reset’
The post Bitcoin price to hit record high, expert expects ‘healthy reset’ appeared com. Bitcoin’s price remains under intense pressure this month, having plunged 31% from its all-time high, as exchange-traded fund outflows jumped. Summary Anthony Pompliano believes that the Bitcoin price will rebound to a record high. He noted that the recent Bitcoin crash was a healthy reset. Potential catalysts are the Fear and Greed Index, healthy open interest, and Federal Reserve cuts. Bitcoin (BTC) traded at around $87,000 on Nov. 24, up by 6. 5% from its lowest level this month. While this rebound could be a bull trap or a dead-cat bounce, Anthony Pompliano and other crypto experts believe that the coin is about to bottom. In a CNBC interview, Pomp noted that the Bitcoin price had crashed by 30% from its peak over 30 times in the last decade. It has also dropped by over 50% more than five times. Fears of an eventual Bitcoin collapse always accompany these dips. Pomp also pointed to the Crypto Fear and Greed Index, which dropped to the extreme fear zone of 8 last week. In most cases, crypto bull runs begin when there is extreme fear in the market. He said: “We are somewhere around the bottoming, and the market may grind sideways for a while and then start grinding upwards in the next couple of weeks.” Meanwhile, Pomp believes that the ongoing Bitcoin price retreat is a healthy reset, especially on leverage. He pointed out that leverage has plunged since the October 10 liquidation event, when traders lost over $20 billion in a single day. In the last decade, Bitcoin has fallen 30%+ more than 20 times. Bitcoin has dropped 50% or more on 7 different occasions. Basically a Global Financial Crisis every year and a half for a decade. Wall Street is not used to that. I explained on @SquawkCNBC this morning.
