Crypto Fund Manager Anthony Pompliano Warns About Bitcoin’s Price Falling Below $3,000 USD
According to Anthony Pompliano, the founder of Morgan Creek Digital Assets, there is space for the price of Bitcoin to drop even more. He was recently interviewed by CNBC and talked about the future of Bitcoin. Unfortunately, he was kind of pessimistic about it right now.
Pompliano believes that we have not yet seen the real bottom of Bitcoin and that the token will only reach rock bottom when its value is below $3,000 USD. Before now, Bitcoin only went as low as $3,200 USD and then found some floor, which prompted it to go back to $4,000 USD (now it is slightly below it).
The belief of the investor is that the short-term still has some space to go lower but that the plunge will represent the final time that Bitcoin will go down so much. He already predicted a plunge in November, but it did not happen at the time.
Pompliano has affirmed that the crypto prices have nothing to do with traditional stocks, including the FAANG ones, which account for Facebook, Apple, Amazon, Netflix and Google. Just like cryptos did, the FAANG stocks are not having a very good time at the last quarter of the year.
However, he does believe that there may be a correlation of “psychological components” on the stock market.
Bitcoin Is Actually Going Up
Despite the predictions made by Pompliano, Bitcoin is still kind of having a good time. Its price went as down as $3,200 USD before but now the asset went up to $4,300 USD and has found a new line to rest on at $3,700 USD.
Some of the most important altcoins of the market like Ethereum (ETH) and Ripple (XRP) are also enjoying a very high price when compared to some months ago. This has injected some positivity in the market now and meant that there is hope for the future.
Some people like Tone Vays, a high-profile investor, believe that Bitcoin can drop to at least $1,300 USD, however, most of the people in the market believe that the mark of just under $3,000 USD is far more accurate.