Bitcoin shed significant value early in the week as its price nosedived towards the $17,500 zone, finding stable ground at $17,708. The leading crypto asset has since been reeling from the Sunday losses, with bulls determined to keep the token above $21,000. Industry experts have, in the meantime, continued sharing their assessment of the asset’s potential future price course.
Bitcoin will print a new peak surpassing last November’s all-time high, CZ suggests
Binance’s CEO, CZ, is among those that have forecasted a bullish outcome, although he didn’t tag a specific timeline. The Binance boss expressed his belief in the market-dominant crypto asset bouncing back within a few months or years in an interview with The Guardian.
“20k we think is very low today, but if you told people [half a dozen years ago that] Bitcoin will be 20k in 2022, they would be very happy,” he said. “Given the [crash from last November’s high], it will probably take […] maybe a few months or years.”
CZ also noted that price swings are not uncommon in the virtual assets sector, which is still nascent and expected to mature with time. Bitcoin’s current price marginally below $21,000 corresponds to roughly a two-thirds wash away in value from its all-time high of $68,790.
The Binance chief isn’t the only influential crypto figure betting on a recovery in Bitcoin prices.
MicroStrategy CEO Saylor unfazed by Bitcoin sell-off
Michael Saylor has forecasted that Bitcoin will ‘outlast all of us’ despite many investors massively dumping the asset. The co-founder and boss of the largest public Bitcoin holding entity verbalized his absolute optimism about the future of the cryptocurrency in a Wednesday interview with a CNN correspondent.
Reaffirming his long-term strategy, Saylor likened the prevailing bearish climate to the early failures of the oil, gas, and automobile industries decades ago. MicroStrategy holds around 129,000 Bitcoins, with the firm having lost nearly $1 billion in the recent market-wide slump. Markedly, the company’s stock prices have fallen almost 70% since January, as other similar stocks have in traditional markets.
Shark Tank’s Kevin O’Leary reveals he’s not selling his crypto holdings
Celebrity investor Kevin O’Leary last Saturday disclosed that he intends to hold onto his positions in digital assets for long. He also pointed out that the downfall of some blockchain ecosystems like Terra has served to educate and underpin the technology of crypto tokens.
The Shark Tank host stated in an interview with Insider that he’s doubling down on the two leading assets as well as other Web3 projects despite the absence of guarantees. His bullish belief in blockchain has him holding 32 positions in different projects, including Solana and Polygon. The crypto bull is betting on these blockchains’ long-term success, citing the entry of world-class talent as a solution to recent failures.
The same can’t be said in the short-term as market strategists opine that Bitcoin might test lower bottoms even as it struggles to stage a comeback.
Bitcoin might correct to a 10k-13k low
Crypto market specialist and InTheMarketStocks head, Gareth Soloway, believes the king crypto will shed even more in the near term. While bullish in the foreseeable future, Soloway intuits that BTC will soon chart a steeper descent to $12,000 or even lower to a territory uncharted for two years.
In an interview with Kitco News on Monday, he predicted that Bitcoin would rise to the $25,000 – $30,000 range in the next three to six weeks. This recovery will be short-lived as he expects the market to correct in line with his price prediction afterward. In the long-term, though, he expects Bitcoin’s value to rise beyond $100k up to $500k.
To learn more about Bitcoin visit our Investing in Bitcoin guide.
The post MicroStrategy’s Saylor Insists He’s Unfazed by Bitcoin’s Slump as CZ Bets on A Slow Recovery appeared first on Securities.io.
