Pomp Investments founder and long-time Bitcoin bull Anthony Pompliano, is predicting that Bitcoin (BTC) will start breaking out once the summer concludes.
In a new interview on CNBC Squawk Box, Pompliano says that based on historical precedent, Bitcoin will likely enter an uptrend as soon as September once market participants become more engaged.
“The only thing we need as a catalyst for Bitcoin is time. One of these interesting things about if you go and look through all these different cycles, the summer’s just slow. People are doing stuff. People are traveling. You know, they’re not sitting in front of their computer watching the chart. And so when we get into September and beyond, I think that’s just enough to get the price going back up.”
The analyst also says that the percentage of Bitcoin being held for the long term will probably dip to around 50% as price soars and earlier BTC holders decide to distribute their coins.
“At the start of this year, the amount of Bitcoin that had not moved in over a year was over 70%, so very high. Now, as the price has risen, some of that has started to get distributed, which is what you would expect in a bull market…
My expectation is, as we get further into the bull market, that number will come back down towards 50%-55% but still, at least half of the Bitcoin probably is being held by people who have a 10-plus year time horizon.”
Bitcoin is trading for $57,903 at time of writing, down nearly 4% in the last seven days.