The CEO of leading cryptocurrency exchange Binance says Bitcoin’s big pump shows “plenty of money” has been ready and waiting to jump into the crypto market.
In a new tweet, Changpeng Zhao says his previous prediction that more money is parked in “pseudo fiat” than most crypto tokens combined appears to be spot on. According to Zhao, full FOMO (fear of missing out) mode is engaged, and sooner or later “everyone will be in crypto.”
Meanwhile, CNBC crypto bull Brian Kelly says a reasonable target for Bitcoin in the short term is $6,000. The founder and CEO of crypto investment firm BKCM says he wouldn’t call BTC overvalued until it hits $6,500 to $6,800.
“Sentiment has shifted here. All indications that we have – whether it be fundamentals, technicals, the quantitative analysis we do – all suggest that we probably have at least started to put in the bottoming process.
You have that one last flush-out, and then the market starts to trade higher. What’s interesting about this move is it’s happening on improving fundamentals and improving institutional sentiment.
Even high-net-worth individuals, family offices, are starting to take a serious interest. There’s a couple major brokerage firms that are rolling out some custody solutions. So there’s quite a bid going on under the surface.”
The CEO of UK consulting firm deVere Group is also going on the record, saying he believes crypto winter is officially over. In a new note to clients, Nigel Green says he expects BTC to continue moving higher, as reported by MarketWatch.
“After being in bear territory there is a growing sense that bitcoin is back. I’m now calling that the market has bottomed and the so-called crypto winter has come to an end.
I believe bitcoin will now move higher over the next few weeks and months, making steady gains for investors. As the largest cryptocurrency by market cap, this will have a positive impact on prices in the wider crypto sector.”
In her latest round of analysis, crypto analyst Nic Trades is exercising a bit more caution, noting there’s still chance the recent surge is a false breakout.
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