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Why Is Kraken CEO ‘Very Bullish’ on Bitcoin

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VOC, Voice of Crypto, Bitcoin, BTC

Jesse Powell, CEO of Kraken, a San Francisco-based crypto exchange, told Bloomberg that despite recent volatility, he still believes in bitcoin. He also hopes to buy one Bugatti for 1 Bitcoin by the end of the year.

On the show, Powell was asked about his forecast last year. In 2021, Powell was a guest on Bloomberg Exclusive, where he forecasted that by the end of 2021, 1 bitcoin would buy 1 Lambo, and by the end of 2022, 1 bitcoin would buy a Bugatti.

At the time, Bitcoin was trading at just over $48K. Powell didn’t recline his words; instead, he said he didn’t expect the winter to be this bad, but Powell still believed he would be able to buy one Bugatti with one Bitcoin by the end of 2022.

Bitcoin is trading at nearly $24,000, and Bugatti vehicles range in price from about $1.9 million to $3.3 million.

Bitcoin Price Analysis

Bitcoin Price Chart

Bitcoin Price Chart | Source: TradingView 

At the time of writing, BTC is trading at around $24,074, down 3.07%. In the past 24 hours, Bitcoin hit a high of $25,135 and as low as $23,839.

BTC fell to the first major resistance (S1) of $23,979 before recovering to $24,102.

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The Fear & Greed index fell from 44/100 to 41/100 despite BTC’s constant volatility and, at times falling below the $24,000 mark. Meanwhile, data from China is indirectly increasing economic uncertainty, and investors are hoping the Fed will cut gas prices in September.

A rate hike of 50 basis points is still expected, but if this number increases, the crypto market will largely depend on the indicators of the US economy and the FOMC.

If BTC returns to the $25,000 mark, BTC will have momentum towards a higher high of $30,000, bringing the indicators to the Neutral zone.

BTC must break above the pivot point of $24,362 to break the first major resistances (R1) of $24,941 and $25,203. If successful, BTC will retest 25,500 and (R2) $25,783. Conversely, BTC will drop to $23,522, and (S2) support $22,943.

Bullish on Crypto

Many crypto executives are still bullish on BTC despite the bearish market, and they believe it will soar after winter conditions end.

Mike McGlone, a senior strategist at Bloomberg, said that he expects Bitcoin to hit $100,000 by 2025. On July 14, McGlone said he doesn’t know when Bitcoin will find its floor, but he is sure that once the cryptocurrency does, it’ll soar.

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Galaxy Digital CEO Michael Novogratz also discussed his Bitcoin forecast, saying it would see $500,000 by 2027. He analyzed the adoption rates and numbers from bear markets to determine that they are not turnabouts for crypto, just a bump in the road.

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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