Cryptocurrency News

Possibilities Of Crypto Winters Especially Due To Bitcoin – Know How?

Kraken CEO Jesse Powell is not ruling out a sudden catastrophe in cryptocurrency markets as Bitcoin (BTC) trades sideways at $48,000.

Powell revealed earlier within a Tuesday discussion with Bloomberg Technology that a crypto winter has potentially become “possible,” adding that Bitcoin and the crypto ecosystem have typically grown around cycles centered “kind of on the Bitcoin halving.”

Given the possibility of a crypto winter, Powell is sure that the market would recover from a bear market if investors begin purchasing, should BTC get under $40,000.

Powell cited several of his past Bitcoin forecasts in the discussion, notably his $100,000 Bitcoin projection for late 2021. In August, the CEO said, “I think we might reach $100,000 plus a coin later this year early next year.” He also projected that the price of Bitcoin will reach “infinity” in March.

Many important players in the crypto field, like stock-to-flow model developer PlanB, Morgan Creek Digital Assets co-founder Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci, and others, anticipated that BTC will reach $100,000 by the conclusion of 2021.

The other week, Bitwise chief investment officer Matt Hougan stated that $100,000 by the end of the year would be a “tough estimate to make,” implying that the price level may arrive in 2022.

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