Morgan Creek co-founder Jason Williams is extremely bullish on Bitcoin (BTC).
He expects the world’s leading cryptocurrency to turn in a spectacular performance in 2020, despite the economic turmoil that has rocked nearly every industry as the Covid-19 pandemic continues to spread.
The executive of the digital asset management firm says he believes that the top cryptocurrency will surpass its all-time high of $20,000 in September.
The world is trading #bitcoin 24 hours a day. 7 days a week.
New ATH coming in Sept of this year IMO. pic.twitter.com/X2mygZMVkV
— JWilliamsFstmed (@JWilliamsFstmed) April 2, 2020
In spite of the overall optimism, Williams says he’s actually bearish in the short term and doesn’t think that Bitcoin will rally until after the halving event, which is set to happen in May.
When the amount of Bitcoin that miners earn for powering the network is cut in half, Williams says he thinks many may be forced to sell their BTC holdings to keep the lights on, creating an opportunity for investors.
“Most think [BTC] is going to rip before and during the halving. I just scratch my head. I think it could even go lower due to miner capitulation and sell pressure…
I hold. And come in with fresh capital opportunistically. That doesn’t work for everyone but that is just my personal strategy.”
Although Williams thinks Bitcoin will take out $20,000 this year, options traders do not share his ultra-bullish forecast. Data analytics firm Skew shows that the options market is giving Bitcoin a 3% chance to print a new all-time high by September 20th.