Friday, January 21

Kraken’s Jesse Powell: “Bitcoin is heading for a bear market”

With just a few weeks to go to the end of the year, Jesse Powell, CEO of the exchange Kraken, shared his perspective on Bitcoin, indicating that 2022 could see a drop in Bitcoin. However, he predicts a huge sell-off of Ethereum, BNB, Solana, Cardano, and XRP.

Specifically, he shared his opinion during an interview for Bloomberg TV. Jesse Powell considered that it is certainly possible that we are entering a winter season for cryptocurrencies, although he is not concerned about it.

However, he warned about the high inflation of the US dollar: «I’m paying more attention to the dollar, wondering where the bottom will be. Inflation seems to have gotten out of control».

Similarly, during the interview conducted by journalist Emily Chang, the CEO of Kraken recommended that Americans stock up on groceries and pay all debts or bills in advance. According to his forecast, interest rates will go to negative levels very soon. Therefore, it is recommended not to acquire debts that are difficult to pay or that are not adjusted to the socioeconomic level of each person.

Jesse Powell: “Bitcoin will fall below $ 40,000”

As is known, Jesse Powell of Kraken has never stopped making bold predictions about the future of cryptocurrencies. And rightly so, as it has been in the industry since the beginning of 2010. Indeed, it is not just the US dollar that will feel the impact of the looming recession.

By the way, Jesse Powell Indian that the price of Bitcoin could fall below $ 40,000 this winter.

To recall, earlier this year, Jesse Powell made headlines when he predicted that the price of Bitcoin could hit $ 100,000, before the end of 2021.

In this regard, Matt Hougan, Chief Investment Officer at Bitwise said: “$ 100,000 by the end of the year is a difficult prediction to make. I think $ 100,000 could be the target for 2022. But this year, I’m not so sure».

In particular, Tammy Da Costa, analyst at DailyFX stated: «For much of this year, rising inflation has supported Bitcoin prices, allowing it to rise to another all-time high last month. However, with global policymakers now voicing a more aggressive tone, Bitcoin prices have stabilized above $ 45,000, continuing to provide support for the impending move.».

Very important, despite the possible bearish outlook for the market, Jesse Powell said: «It is difficult to know, where the price of Bitcoin is going. But I’m still bullish on Bitcoin for the long term». In general, he showed a good attitude and assured that many investors could take advantage of the fall to buy Bitcoin.

When is the ideal time to buy Bitcoin?

In fact, in the interview with Bloomberg, Jesse Powell said: «Many people view anything under $ 40,000 as a buying opportunity.».

Furthermore, he added: «I was personally shopping when we went down close to $ 30,000 a few months ago. Many people have some dry powder on the sidelines, hoping to return to rock bottom prices».

«When you look at a long-term trend line for Bitcoin and it just steadily rises. I always tell people, if you think about buying Bitcoin, think of it as an investment of more than five years».

By way of closing, Jesse Powell recommends viewing the purchase of Bitcoin as a long-term investment. Because, even if it is at low levels now, it will always have tendencies to appreciate.

I say goodbye with this phrase from Michael Saylor: «If you need a holiday gift, Bitcoin is on salea».