As a seasoned analyst with over a decade of experience in the crypto markets, I find Cameron Winklevoss’s perspective both intriguing and insightful. His focus on institutional demand rather than retail FOMO is a refreshing take that aligns with my own observations. The steady accumulation of Bitcoin through ETFs creates a “sticky HODL-like capital” that can indeed drive prices higher, as Winklevoss suggests.
With Bitcoin hitting a fresh record peak, Cameron Winklevoss, one of its co-founders at Gemini, hinted that the major surge is still on its way.
According to Gemini’s co-founder Cameron Winklevoss, Bitcoin (BTC) may have more potential for growth because the recent surge to a record peak wasn’t primarily fueled by retail panic about missing out on it.
The path to reaching $80,000 for bitcoin was built upon continuous demand for ETFs, rather than panic buying by retail investors. There were minimal celebrations along the way.
— Cameron Winklevoss (@cameron) November 10, 2024
On November 11th, in a recent post on X, he dismissed suggestions that the price rise above $80,000 was driven by individual investors. Instead, he hinted that the increase might be due to consistent demand from Exchange-Traded Funds (ETFs).
“People buy ETFs, they don’t sell them. This is sticky HODL-like capital. Floor keeps rising.”
Cameron Winklevoss
Despite Winklevoss not giving a specific time or conditions for the re-emergence of retail traders, he suggested that Bitcoin’s current rise is merely the start of a fresh upward trend, without specifying an exact date for when retail traders may regain their strength in the market.
Cameron Winklevoss’ remarks align with predictions from various analysts and traders who anticipate that Bitcoin might surge beyond $100,000. Notably, Dan Tapiero, CEO of 1RoundTable Partners, shares this expectation, but he goes even further, suggesting that in the long term, Bitcoin could potentially reach $350,000.
In anticipation of adjustments as Bitcoin futures markets showed signs of overheating, I was ready for some corrections. Yet, it seems we’re now in a phase of price discovery, and the market is showing further signs of intensifying. If there are corrections and consolidations, the bullish trend might prolong; however, a robust year-end surge could pave the way for a potential bear market in 2025.
— Ki Young Ju (@ki_young_ju) November 10, 2024
However, some caution remains. CryptoQuant CEO Ki Young Ju warned of potential market corrections, citing “overheated” indicators in Bitcoin futures. In a Nov. 9 post on X, he particularly noted that a correction could bring Bitcoin’s price down to $58,974 before the rally potentially extends.
Currently, the value of a single Bitcoin stands at approximately $80,974, and its total market worth surpasses an impressive figure of $1.6 trillion.
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2024-11-11 10:55