Bitcoin bull Anthony Pompliano says hysteria over the price of BTC will likely grow increasingly loud until there’s “true blood in the streets.”
In a new note to investors, Pompliano points to Bitcoin’s history of forcing weak hands to capitulate, through its extremely volatile cycles of new highs and punishing lows.
“When Bitcoin hits extended periods of time in an accumulation phase, it has historically led to violent breakouts that leave investors gasping for more time so they can accumulate.”
Pompliano, who is a co-founder of the crypto investment firm Morgan Creek Digital, says he believes BTC will hit $100,000 by the end of 2021 – highlighting Bitcoin’s trademark unpredictability and the extreme risk involved in trading crypto assets.
In the long run, Pompliano says the most important thing is Bitcoin’s ability to keep producing new blocks and move value 24 hours a day, 7 days a week, 365 days a year without fail, no matter the current level of fear and loathing over the price of BTC.
“Regardless of what your risk appetite is, or what your portfolio construction strategy is, make sure you remain vigilant…
The ability to ignore human emotion is a skill sought by every investor. But it doesn’t only apply to euphoric states. It applies to fear and fatigue as well. Bitcoin never sleeps. And neither should you.”
You can check out Pompliano’s weekly take on crypto here.