BTC Bottom Predicted, 100K on the Horizon, Says Analyst
CryptoNewsTerminal Staff08 Aug, 2024
BTC Bottom Predicted, 100K on the Horizon, Says Analyst
Michael Terpin, CEO of blockchain research firm Transform Ventures, believes that the price of Bitcoin (BTC) is unlikely to drop below $50,000. In an interview with CoinDesk, he pointed to the Bank of Japan's decision to stop raising rates and crypto market maker Jump Trading running out of crypto to sell as reasons for his optimism. "It seems unlikely that BTC will drop below $50,000," Terpin said. "With the Bank of Japan announcing that it will stop raising rates and crypto market maker Jump Trading running out of crypto to sell, it seems like a bottom is in." Terpin also predicted that BTC could cross $100,000 if former U.S. President Donald Trump wins the upcoming presidential election. He noted that BTC has historically bottomed six months after every halving, and he believes that this cycle will be no different. "If Trump wins, I think BTC could easily cross $100,000," Terpin said. "He's been very pro-crypto, and I think that would give the market a lot of confidence."
