Bitcoin exchange rate (BTCUSD) continues to hold support near $30,000 despite significant downward pressure from panicked sellers.
The main reason for the negative sentiment and pressure on the top cryptocurrency by market cap is due to the tightening monetary policy that the Federal Reserve is preparing and the conflict in Ukraine.
The crypto market continued to panic after the collapse of stablecoin UST and related altcoin LUNA. LUNA’s prices dropped to zero, further nullifying any chance of bullish sentiment in the crypto market among the crowd.
Despite all the negativity, experts from the world of business, commerce, finance and more have come in defense of Bitcoin, reiterating its undeniable promise and commitment to see the cryptocurrency through to the end.
This hope keeps the overall positive market sentiment alive, just enough with influential figures attracting the attention and respect of a large constituency, business and capital. For this reason, PrimeXBT analysts have compared the expectations of some of the most prominent investors and public figures regarding the future prospects of Bitcoin price appreciation.
Big names in business and veteran traders are bullish on BTC
MicroStrategy CEO Michael Saylor is typically an outspoken bitcoin bull who almost always has something to say. Interestingly, Saylor was brief during this poll, saying, “I’ll buy BTC when there are free dollars.”
Twitter founder Jack Dorsey, who is a longtime Bitcoin proponent, “is not paying attention to the BTC price,” adding that he is “long-term bullish as more and more people will use BTC in the future.”
Legendary career commodities trader Peter Brandt expects the $27,000 level to become the local bottom for BTC. “I’ve noticed the huge trading volumes in BTC over the past few days. In my opinion, this is a sign of surrender and an opportunity to start growing,” revealed Brandt.
PayPal founder and former Facebook investor Peter Thiel claims that the “proliferation of cryptocurrencies will inevitably lead to the downfall of the fiat money regime.” Thiel then called out those opposed to bitcoin, such as BlackRock CEO Larry Fink, JP Morgan CEO Jamie Dimon, and Berkshire Hathaway billionaire Warren Buffett.
Even Ray Dalio, who was previously opposed to bitcoin, has since dropped in and dabbled in cryptocurrencies. “Bitcoin is good insurance against inflation, but so far it’s losing against gold. I would recommend holding both gold and bitcoins in your portfolios. Over the course of the next year, the crypto market awaits active development,” Dalio told Economic Times.
PrimeXBT Trading Academy expert Dirk Hartig Neural on Bitcoin for now
PrimeXBT’s in-house trading expert and market analyst, Dirk Hartig, Bitcoin is primarily neutral for the time being. Hartig expects the sideways trend to continue into November if he sees continued global growth for the asset class.
“I think at this point it’s safe to assume that we’re not likely to head towards a new all-time high in bitcoin for an extended period of time. Analyzing how long the bear market lasted when Bitcoin last switched from bull to bear mode (2017 to 2018), we can assume that the length of the worst parts of a crypto bear market typically lasts around 365 days,” explained Hartig.
“This would mean that the current bear market is likely to last until mid-November 2022 before we see a significant bounce back to $45,000-55,000 per BTC. However, since the realized price of bitcoin is currently around $24,000-25,000, I don’t see that much downside anymore,” Hartig continued.
“Historically, the realized price is a good area to buy Bitcoin again (the last time this happened was in March 2020 and you would have bought Bitcoin for $4,000). Therefore, I wouldn’t be surprised if Bitcoin goes into an extended sideways range between $25,000 and $35,000 by November 2022,” he concluded.
The other side of the coin: More big names are bearish on crypto
There are two sides to every coin, and not everyone is bullish (or even neutral) on bitcoin. The cryptocurrency has faced many bears who believe that a bear market will further destroy the cryptocurrency.
Known gold bug and CEO of Euro Pacific Capital peter ship despises Bitcoin and is confident that the coin will collapse towards $8,000. “Bitcoin’s $30,000 support line has been broken, so the price is now moving towards $8,000. There is a “double top” and a “head and shoulders” on the chart. A menacing combination. We’ve come a long way down,” Schiff said in a tweet.
Mark Mobius, billionaire fund manager and founder of Mobius Capital Partners LLP, believes Bitcoin could come close to Schiff’s targets at a price of around $10,000 per BTC.
Rich Dad, Poor Dad author Robert Kiyosaki is excited about Bitcoin’s fall, but only because he can buy more at lower prices. Kiyosaki “waits for the $17,000-$20,000 level to buy more bitcoin.” It’s hard to see it as a bear, but the target is bearish nonetheless.
Cardano founder Charles Hoskinson hasn’t stated a goal for Bitcoin, but is overall bearish on crypto. “The new crypto winter is here. It will take several months for markets to bottom out,” he said.
Conclusion: Bulls versus Bears in Bitcoin – Who Wins?
As you can clearly see, there are far fewer advocates of another Bitcoin collapse than the prominent pundits and business leaders who favor the top cryptocurrency as its market cap climbs back into a bull market. These influential thought leaders have the ability to energize the crypto community and spark new growth.
Whether it’s another collapse or a shocking recovery, the volatile crypto market always presents an opportunity to make money. The award-winning margin trading platform PrimeXBT allows traders of any skill or capital level to access stock indices, oil, gold, bitcoin and more from the same account.
Long and short positions ensure traders remain profitable and capital protected at all times, making buy and HODL a thing of the past. PrimeXBT also offers users unique ways to make money from their crypto assets such as covesting copy trading, yield accounts and more. The veteran trader Dirk Hartig mentioned above also runs the company’s Trading Academy, where traders can get a better insight into the price movements of more assets.
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