According to Kraken CEO, Bitcoin under $40,000 is a good time to buy.
Bitcoin is now trading below $50,000, and Powell feels that a drop below $40, 000 would be a fantastic buying opportunity.
During the last few weeks of the year, the bitcoin market underperformed. Despite various analysts forecasting that the values of major cryptocurrencies will rise over this period, the market has performed poorly.
Powell predicts that the rate of dollar inflation will rise.
Jesse Powell, the CEO of Kraken cryptocurrency exchange, recently spoke with Bloomberg Technology on Bitcoin. Powell believes that Bitcoin’s price below $40,000 marks a fantastic purchasing opportunity.
The dominant cryptocurrency has been trading below $50,000 over the past few weeks, down more than 30% from its all-time high of $69,500 a month ago. If Bitcoin falls below $40k, its value will have dropped by 40–50 percent.
Many investors would consider a 50% drop to be an excellent buying opportunity. He stated “I think a lot of people see anything under $40,000 as a buying opportunity. I was personally buying when we dipped back close to $30,000 a few months ago, and I think a lot of people are just waiting to come back in at rock bottom prices.”
Powell also stated that the US dollar and growing inflation are his primary concerns at the present. He anticipates that inflation will continue to grow in the coming months.
Bitcoin’s Price Is Difficult to Predict
Powell projected earlier this year that Bitcoin would hit $100,000 by the end of the year. However, that forecast has not come true, as Bitcoin is now trading around the $48k mark.
He remarked that it is hard to discern Bitcoin’s trajectory at the time. “I’m not sure where it leads. When you look at a long-term trendline of Bitcoin, it just keeps going up. “I usually advise people, ‘If you’re thinking about purchasing Bitcoin, think about it as a five-year or longer investment,” he continued.
Shiba Inu was just listed on Kraken’s platform, and the token’s price increased by more than 25% as a result.