The Bitcoin Bull Market Has Begun – Says Crypto Expert Anthony Pompliano – Coinpedia Fintech News
Bitcoin, after months of trading within a tight range, has recently surged to surpass $44,000, marking a fresh yearly high. Anthony Pompliano, the Founder of Pomp Investments, discussed the driving factors behind this surge.
Factors Driving the Surge
In an interview with CNBC, Pompliano attributed the recent rally to several factors. Firstly, there is speculation surrounding the potential approval of a Bitcoin Exchange-Traded Fund (ETF) by the SEC in early January, leading investors to anticipate a price increase. Additionally, in the macroeconomic environment, investors are looking ahead to a potential return to quantitative easing, which could drive up the prices of various assets, including Bitcoin.
Pompliano dismissed the idea of a single reason for the price surge but pointed out the inflow of capital into the market. He noted that 70% of all Bitcoin in circulation hasn’t moved in a year, indicating a relatively illiquid market where prices need to rise to accommodate everyone.
Future Momentum and Market Insights
When asked about the momentum continuing into 2024, Pompliano confidently asserted that Bitcoin’s bull market has begun. He referenced historical market cycles, typically following a four-year pattern, and suggested that the recent correction signals the start of a new bullish phase.
Pompliano also commented on short selling in the crypto market, stating that shorting a market with potential asymmetric gains is not advisable. He highlighted the unpredictability and chaos in the market, leading many to avoid short positions. In conclusion, Pompliano remained bullish on Bitcoin, suggesting that actions speak louder than words.
Earlier, he wrote on X, ‘More than 57% of all bitcoin in circulation has not moved in the last 2 years. Holders rode the asset from $69,000 down to $16,000 and back up to $44,000. Incredible. An all-time high amount unmoved.’
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