investment management firm Rockefeller InternationalRuchir Sharma, head of , also spoke about the future bullishness of the Bitcoin price as the cryptocurrency maneuvers in the current bear market.
In an interview with CoinDesk TV on July 8, Sharma said, bitcoinHe believes that Bitcoin will “return”, but argued that the cryptocurrency market needs to get rid of weak assets before it can rise again.
Koinfinans.com As we reported, Sharma noted that Federal Reserve policies are hurting Bitcoin and crypto in general, but he noted that the current downturn is part of the overall growth trajectory. The strategist, who previously served as Morgan Stanley’s chief strategist, acknowledged that the recent cryptocurrency surge was a bubble, and once it bursts, Bitcoin will stand out.
“We need the surplus to weed out, then we can see Bitcoin and cryptocurrencies emerging as a stable asset, but now it’s caught up in this speculative frenzy. It’s just a matter of time,” Sharma said.
Bitcoin’s Future Price Action
Sharma also saw the crypto market movement. Amazon He compared it to the dot com bubble that gave rise to giants such as
However, he pointed out that the next six months will be crucial for Bitcoin prospects, especially based on monetary policies undertaken by governments. In this line, Sharma eliminated any Bitcoin bottoms by stating that the value will drop further before rising again.
“I am not yet willing to look to the bottom of bitcoin and cryptocurrencies. The US bear market regime, which has been the driver of worldwide risk appetite, is still very much in play,” he added.
Bitcoin Exceeds $21,000
This prediction came as Bitcoin continued to make minor gains above the critical $20,000 level. At the time of writing, the leading cryptocurrency was trading at $21,270, gaining less than 1% in the last 24 hours.
In an earlier comment, Sharma warned that governments will not be successful in regulating crypto. He stated that one of the government’s tactics to control Bitcoin is to overprint money, and that a strategy he maintains will not work.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.