Bitcoin BTC , ethereum and cryptocurrency prices have returned to form in recent weeks, climbing from their recent lows as traders brace for a looming “hundred-pound gorilla” is “getting closer by the day.”
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The bitcoin price has surged by 30% since it fell to its recent lows of $18,000 per bitcoin while the ethereum price has rocketed higher as hype builds over its long-awaited, radical upgrade. Over the last week, memecoins shiba inu and dogecoin have seen their prices make double-digit percentage gains as investors bet the U.S. Federal Reserve will change direction and reignite the crypto market.
Now, the chief executive of bitcoin and crypto exchange Kraken has said he’d “never bet against bitcoin” and expects to be able to buy a Bugatti with just one bitcoin by the end of 2022 (with a massive $10 trillion crypto game-changer perhaps closer than some think).
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The bitcoin price has climbed over the last month, helped by the soaring price of ethereum and … [+]
“I bought in bitcoin again at $18,000, I’m happy to ride it back up,” Kraken CEO Jesse Powell told Bloomberg in an interview this week, adding he’s “still bullish on the long run” due to bitcoin’s “fundamentals” continuing to improve. “I’d never bet against bitcoin.”
The bitcoin price has fallen sharply since hitting an all-time high of almost $70,000 per bitcoin late last year due to an almighty price crash that wiped around $2 trillion from the combined crypto market.
However, many in the bitcoin and crypto space remain confident the price of bitcoin, ethereum and smaller cryptocurrencies, including memecoins shiba inu and dogecoin, will eventually rebound and far outdistance their previous highs.
Powell, who’s become the subject of controversy in recent months after the New York Times NYT reported he’d created a “culture war” at the San Francisco-based exchange, also doubled down on a previous bitcoin price prediction that one bitcoin could be exchanged for a Bugatti luxury car by the end of 2022—giving bitcoin a price of between $2 million and $3 million.
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The bitcoin price has rallied over the last month, with ethereum and the memecoins shiba inu and … [+]
But some fear bitcoin, ethereum and other major cryptocurrencies could see a pullback in the short term after storming higher.
“The possibility of a correction in the short term cannot be dismissed, especially after the recent wave of strong gains,” Daniel Kostecki, a senior financial analyst at currency exchange platform Conotoxia, said in an emailed note.
Last week, Tesla TSLA billionaire Elon Musk reiterated his support for the meme-based dogecoin, praising its “transactional throughput” and that it doesn’t take itself “too seriously.” Dogecoin DOGE and its main rival shiba inu have led the major crypto market over the last week in a rally attributed to a return of retail investor activity.
“It’s a manifestation of retail investor activity, similar to the run-up in meme stocks that is happening again in the stock markets,” Alex Kuptsikevich, FxPro senior market analyst, said in emailed comments.
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