Bitcoin Could Witness Both Demand and Supply Shock, Says BTC Bull Anthony Pompliano – Here’s How
Longtime Bitcoin (BTC) bull Anthony Pompliano believes that Bitcoin may experience two types of shocks in the near future, potentially leading to a repeat of the 2020 bull market. In a recent CNBC interview, Pompliano discussed the possibility of regulators approving a spot-based Bitcoin exchange-traded fund (ETF). He believes that if a Bitcoin ETF is approved around the time of the next BTC halving, it could trigger a full-blown bull market. Pompliano expects that the approval of a Bitcoin ETF would bring a demand shock, as more assets flow into the industry. Additionally, the BTC halving would also create a supply shock, potentially driving up the price significantly. The BTC halving is estimated to occur in April 2024. Pompliano anticipates that once a Bitcoin ETF is available, blue-chip investors and large institutions will enter the market, leading to significant inflows. At the time of writing, Bitcoin is trading at $25,872.
Key Points:
– Bitcoin may witness a full-blown bull market if a spot-based Bitcoin ETF is approved around the time of the next BTC halving.
– The approval of a Bitcoin ETF would result in a demand shock, with more assets flowing into the industry.
– The BTC halving, scheduled for April 2024, would create a supply shock that could further drive up the price.
– Blue-chip investors and large institutions are expected to enter the market once a Bitcoin ETF is available.
– Bitcoin is currently trading at $25,872.
Hot Take:
Anthony Pompliano’s bullish stance on Bitcoin suggests that the approval of a Bitcoin ETF, along with the upcoming BTC halving, could lead to significant price increases. If his predictions come true, it could be an exciting time for Bitcoin investors and the overall cryptocurrency market.
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