According to Joe DiPasquale, the negative atmosphere that has characterized the crypto markets since the beginning of the year should not deter Bitcoin price growth, which he says is still on track to exceed $100,000.
Despite the gloomy mood that has dominated the crypto markets since the beginning of the year, Bitbull Capital CEO Joe DiPasquale believes Bitcoin (BTC) will hit $100,000 in the next 2 years.
The market has been in a downturn amid an uncertain macro environment as all markets, including crypto, react to Russia’s escalating invasion of Ukraine. The rapid reduction has also been aided by the Federal Reserve’s anticipated financial tightening to combat inflation.
Independent of macro market dynamics, Joe DiPasquale believes Bitcoin will do well in the long run. “I think 2023 is a safe bet. We might need some time during 2022 to take a breath and to kind of let out some of the steam,” DiPasquale said.
“We are reaching higher lows and even higher highs”, he added, commenting on Bitcoin’s price movement in the last few months.
“We need to see Bitcoin as not maybe digital gold, but as a currency that doesn’t follow the whims of a central bank, but rather has a very finite quantity,” DiPasquale remarked
The crisis between Russia and Ukraine has helped Bitcoin, as its potential as a disaster hedge has proven to be fruitful so far. The cryptocurrency market has recovered alongside the stock market, albeit in better condition, after a sharp plunge when Russia’s invasion of Ukraine began.
Bitcoin and a bevy of other major cryptocurrencies witnessed large overnight gains in a stunning move yesterday, reviving the crypto market after enthusiastic reactions to a leaked press release from US Treasury Secretary Janet L. Yellen, which outlines the government’s plans to regulate the industry.
The US Federal Reserve is scheduled to make a decision on key interest rate hikes later this month, and as Joe pointed out, Bitcoin could gain from the inflation hedge narrative.