Bitcoin Bouncing Back: Pompliano On Why $100k BTC Is Nigh

Bitcoin Bull Says those Waiting to “buy the dip” Will Fuel the $50k to $100k Pump

Despite Bitcoin being accosted by a long list of headwinds that threaten to delay its ascent towards a new all-time high, Anthony Pompliano has once again restated his early prediction for the cryptocurrency reaching $100,000 before year-end.

Speaking to CNBC on Monday, Pompliano, who has on several occasions stated that he has no plans of selling Bitcoin said that he was unwavering at the recent price pullback, affirming that it was normal.

“I think really what people need to understand here is that just in 2021, there has already been six drawdowns over 20%,” he said, “It’s obviously a volatile asset compared to legacy assets… it’s part of the course if you will”.

Bitcoin’s Ascent To $100,000 Is Nigh

The pundit went on to discredit assertions that Bitcoin was poised to crumble noting that the continued adoption by various institutions would act as a catalyst to price hitting $100,000. “You have a finite asset the world is still waking up to, ” he continued.

BTCUSD Chart by TradingView

According to him, the fact that 89-90% of people holding Bitcoin are in profit is a pointer to what should incentivize more people to purchase the rare commodity.

$53,000 Support Still Much Valid

Pompliano’s latest prediction comes even as Bitcoin’s price attempts to recover from last week’s shed which saw the asset extend its losses by over 22% since smashing an all-time-high.

Just like other pundits including Alex Mashinsky have predicted, he finds $53,000 a viable bottom from which price could pull a sustained bull run towards new highs. He notes that there is still a margin of error on the downside before Bitcoin gains enough momentum to push higher.

Pompliano who has been a great parader against the U.S. fiscal monetary policy also reiterated his earlier assertions that Bitcoin’s success was pegged on the failures of the U.S. FED. 

In March, he warned that the government’s “undisciplined monetary policy” was going to push Bitcoin faster towards $100,000 than anyone could imagine, a fact that has received overwhelming support from various quarters even as inflation levels continued to push higher.

Is $100,000 Before Year-End Viable?

With only four weeks before year-end and Bitcoin still roughly halfway to achieving Pompliano’s target, Bitcoiners are coming to terms with the possibility that $100,000 could come in 2022.

Popular onchain analyst PlanB has been the latest insider to shelve his ambitious predictions of BTC hitting $98,000 before the end of November. Although the pundit maintains that the price will eventually tap $100,000, he does not indicate if that will happen before December-end raising questions about his S2F model.

That said, despite the dwindling optimism, one month has always proved to be too long a time for crypto prices, and whichever the sentiment, market participants could always be in for a surprise. 

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