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A 40% correction in Bitcoin from its peak values could lead to new highs due to the “ramp effect” — the greater the pullback, the stronger the subsequent rise, stated Anthony Pompliano, co-founder of Morgan Creek Digital.
According to the investor, the leading cryptocurrency has already demonstrated its resilience for major market participants. Since 2020, Bitcoin has outperformed stocks, gold, and cash during various crises, ranging from the pandemic to inflationary shocks.
“Bitcoin has become the king of safe havens amid all forms of chaos,” emphasized Pompliano.
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He also mentioned that holding the asset for at least three years minimizes the likelihood of losses, which remains below 1%.
Discussing economic factors, Pompliano added that ahead of the elections, U.S. authorities will likely aim to support the economy and encourage the appreciation of high-risk assets, including cryptocurrencies.
He noted that a crucial factor for further growth is the influx of institutional capital. As infrastructure develops and trust from major players increases, Bitcoin’s share in investment portfolios may continue to rise.
Previously, analysts from Wintermute indicated that Bitcoin could exceed $80,000 if the ceasefire between the U.S. and Iran is maintained.
