Ex-Goldman Sachs Executive: “Bitcoin Could Fall To $2,000, But Will Definitely Bounce Back Strong”
Fmr Goldman Sachs Executive: “Bitcoin [BTC] Could Fall to $2,000, But Will Definitely Bounce Back Strong”.
Former VP of Goldman Sachs’ Multi Asset Sales Dept, Michael Bucella, recently appeared on CNBC’s ‘Fast Money’ to talk about Bitcoin’s latest mini-rally. For those not aware of what’s been happening with Bitcoin, the premier asset recently dropped below the $4,000 mark for the first time more than a year.
During his appearance on the show, Bucella said that,
“In the coming few months, Bitcoin may slide down to around $2000 before once again making a strong upward push.”
— CNBC's Fast Money (@CNBCFastMoney) November 28, 2018
Further elaborating on his views, Bucella then went on to add that Bitcoin’s current bear market can basically be thought of as a “long distress cycle” that it is moving from “weak hands to strong hands”.
Additionally, he then went on to say that:
“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.”
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Bucella, who is also a partner at BlockTower, said that another price bottom for Bitcoin was just around the corner and that big institutions were waiting for this last financial leg to go by before they could once again “start investing money” within this burgeoning domain.
“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.”
While many analysts have been predicting big things for Bitcoin by the end of next year, it still remains to be seen how the premier crypto asset continues to stay afloat in this highly bearish environment. At the time of writing this article, BTC is trading at a price point of $4,205.