Michael Bucella, the former vice-president of Multi-Asset Sales at Goldman Sachs, and a partner at BlockTower Capital, discussed the Bitcoin rally to $4,300 on CNBC Fast Money. He said that there might be one last correction for Bitcoin’s bear cycle to come to an end and that it might be just around the corner.
Bucella said that Bitcoin’s bear market is essentially a “long distress cycle” and that it is moving from “weak hands to strong hands”. He added:
“Strong hands are actually quite patient, and so I think a lot of the volatility and the gap risk we see in the market right now is a function of the participants that are still there. And I think we’re actually in a significant distress cycle in crypto, and the last leg of that is typically the most volatile and most short-lived.”
The former Goldman Sach employee said that the bottom for Bitcoin has not come yet and that there is actually another pullback that will occur, which will be shortlived. He added that it is a great entry point for people/institutions who are accumulating and big institutions which are waiting for the last leg of the distressed cycle.
Furthermore, Bucella added:
“The smartest money is moving in…MIT, Harvard, Stanford, Yale, they’re all entering this space through the private side and venture markets. And most of those portfolios are investing in companies who are building the infrastructure for the broader crypto assets space, which includes public markets.”
Michael Bucella said that even though the time Bitcoin will spend at the bottom during the last leg of the cycle is very low, institutional investors are waiting for it as they are accumulating. He continued that Bitcoin’s price could go as low as “$2,000 from here” and stressed that the opportunity for this bottom would be very low.
Subscribe to AMBCrypto’s Newsletter
Bitcoin [BTC] Price Analysis: Coin reunites with the bull after escaping the bear trap
Bitcoin [BTC]: John McAfee predicts Bitcoin to breach the $1 million mark on 31 December, 2020
Bitcoin Cash [BCH] Price Analysis: Coin breaks resistance as bulls look to settle down
Bitcoin SV [BSV] Price Analysis: Coin ready for a bull run as markets move steadily
Litecoin [LTC] Price Analysis: Bulls set to take charge as coin recovers from earlier losses
Bitcoin [BTC] developer Jimmy Song lists 3 reasons why Bitcoin SV [BSV] is a “scam”
Bitcoin [BTC] among cryptocurrencies enabled by new debit card launched by Australian Crypto exchange
Bitcoin [BTC]: Mt Gox redemption plan demonstrates the power of open source network, says Brock Pierce
Nouriel Roubini says JP Morgan’s cryptocurrency JPM Coin is a joke; compares it to XRP
A New Generation of Crypto-Exchange: ALL IN ONE Crypto-Exchange
Ethereum [ETH] dApp users drop as EOS and Tron dominate the market
Bitcoin [BTC] Futures by the Chicago Mercantile Exchange Group reaches an all-time high in Q1 of 2019
- Bitcoin Cash
Bitcoin Cash [BCH] support rolled out by Coinbase custodial wallet app
EOS and Litecoin [LTC] lead the charge as the cryptocurrency market continues to rise