Bitcoin broke the $45k resistance mark and reached the $48k mark. It has since retested that $45k threshold. While some analysts expect bitcoin to rise above $50k in the future, other bullish investors have given up on their bullish outlook. Pantera Capital CEOs and Skybridge Capital CEOs are optimistic the coin will hit $100k in one-to two years.
Pantera Capital CEO Is ‘Wildly Bullish’
In an interview with Yahoo Finance, the CEO of Pantera Capital Dan Morehead commented on Bitcoin’s price action so far in the year. Morehead noted that within the history of Bitcoin cycles, it’s had six previous bear markets that average about 60%, and 2022’s has been 50%.
In his opinion, the bitcoin cycles will begin to moderate thanks to large institutional engagement, and “a 50% bear market is probably all you’re going to get going forward.”
“I think we’re either at the lows or very close to it.”
Morehead said he is “wildly bullish right now” because he believes that Bitcoin and the asset classes will decouple, noting that the high correlation that usually happens during periods of stress –similar to 2022’s turmoil– eventually breaks, usually after a 72-days average. “I think stocks and bonds may keep going down potentially for years, whereas blockchain assets can go up.“
Morehead accepted that Pantera Capital failed to predict how fear over the Fed’s rates rising would affect the crypto market, but believes that “in this case, the markets have it wrong, and blockchain will decouple from the other asset classes.”
“When rates rise, it is mathematically bad for bonds. It also has a negative impact for anything else with discounted cash flows like equities or real estate, but blockchain’s totally independent of rates.”
In his forecast, Morehead expects that six months from now bitcoin will be back to the typical 2.5X yearly growth that it’s been doing for 11 years. In that case, Bitcoin might be worth around $100,000 per coin in one year.
Scaramucci Sees a $500k Bitcoin
In the same way, you can find an interview with CNBC, the CEO of Skybridge Capital Anthony Scaramucchi predicted again that “Bitcoin will hit $100k in the next two years” based on adoption growth.
Scaramucchi quotes Glassnode claiming that “there’s probably 245 million wallets out there or accounts related to Bitcoin,” while in October-November of 2020 there were about 85 million wallets. He believes that people will become more confident about the currency as the adoption grows.
“Somebody like Cathie Wood would say to you, a billion wallets, Bitcoin could easily trade to $500,000 a coin.”
While Scaramucchi’s predictions from 2021 were not spot on, he accepts that he failed to anticipate the Russo-Ukrainian war and the elongation of COVID, but he sees no reason for Bitcoin not to hit the $100K mark within two years “given the way it’s scaling globally” and its many use cases.
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A Bullish Pattern
Analyst Yuriy Bishko claims that BTC has a Wyckoff reaccumulation structure. The Wyckoff market cycle theory is used to predict the market’s direction, and it supports the idea that prices move in a cyclical pattern of four phases: accumulation, markup, distribution, and markdown.
These phases can reflect the investors’ behavior, thus possibly predicting future price movement.
The Markup phase sees price action move in an uptrend. However, the reaccumulation phase is a range that intersperses Markup and has small consolidation patterns. The support zone must be strong after prices move higher following reaccumulation. The pseudonym analyst shared the following example:
Bishko also believes Bitcoin is in the same phase as Phase A, and could retest its ATH if the price replicates the moves.
“Globally, Bitcoin This channel has a greater consolidation range, with prices ranging from $30 to 67K. This consolidation does not constitute a bearish market until it creates lower lows. Right now we see on the chart higher highs (HH) and higher lows (HL) on the higher timeframes(1d,1w).”
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