Recent declines in Bitcoin price have forced several analysts to reconsider their predictions that the asset will reach $100,000 in the future.
Jesse Powell, CEO of leading cryptocurrency exchange Kraken, warned investors of the potential crypto winter in an interview with Bloomberg Technology. Powell pointed to Bitcoin’s recent lackluster price as part of the reasons for the last hypothesis.
The asset is currently trading around $47,260 and has continued its sideways movement over the past few days as the recession continues. Bitcoin slumped an astonishing 29% after hitting an all-time high of $68,789 just a month ago, prompting analysts to predict a frightening future for the asset.
“A crypto winter is now possible,” Powell said. The CEO showed great optimism that despite the possibility of a bearish season, the markets will recover strongly thanks to investors who bought the bottom.
“I think a lot of people see any price below $40,000 as an opportunity to buy. I was personally buying when we dropped to close to $30,000 a few months ago, and I think a lot of people expect to come back with the lowest prices.”
During the interview, Powell noted that it is difficult to say where the asset is heading in the near term, downplaying his previous forecasts for the summer. Powell predicted Bitcoin would hit $100,000 late in the year or early next year, but recent prices have dampened the enthusiasm he once had.
“We need to look at Bitcoin long-term. I always tell people I talk to about this issue to plan for at least 5 years. You don’t want to sell Bitcoin in a way you’ll regret later.”
Powell isn’t the only one with high hopes for the Bitcoin price. With Bitcoin heading towards $69,000 last month, there was a general belief among top analysts that the next target for the asset was $100,000. PlanB, Anthony Pompliano and Anthony Scaramucci are among Bitcoin enthusiasts who stated that the asset will reach $100,000.
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.