We’re moving away from the pull and pull and pull of Wall Street to focus on cryptocurrencies and a call from the president of Lamoureux & Co. macroeconomic research firm, Yves Lamoureux, who has made some predictive predictions about crypto (for not to mention the actions).
He said that the so-called winter for bitcoin BTCUSD,
it’s over for now, with the number 1 cryptocurrency expected to reach $ 100,000 by the end of 2023, in a higher run that could last until 2025.
“I’m not giving a major buy signal, I’m just saying yes, you can start buying a little bit,” Lamoureux told MarketWatch in a recent interview. Placing $ 30,000 and up more than 55% from the all-time high of $ 68,990 in November 2021, bitcoin meets much of its criteria to exit a bear market, he said.
But the crux of his call is based on an event similar to an eclipse predicted in 2024 (predicted around March), when rewards for bitcoin miners will be cut in half. The so-called halving event takes place every four years, and aims to monitor the number of coins in circulation and support prices. The last one was on May 11, 2020.
“One of the main things that drives bitcoin is supply,” he said. “There’s less supply, so there’s less market access … which has historically always pushed up prices. What I’m saying is that it’s out of the narrative now.”
Lamoureux changed his advice earlier this year that investors should not pursue bitcoins, but said he was always expecting a short bear market. Among his previous calls, he warned customers about a bitcoin skyscraper in November, just as it reached that record high, as well as predictions that came in early 2017 and mid-2020.
Also, sentiment for bitcoin is “super low,” he noted, which has been seen in other major funds.
But he advised investors to buy a little at a time, instead of making big bets, as the path will not be straight. “It simply came to our notice then. It goes up before half, a kind of pause and then it shoots up, so there are two phases, “Lamoureux said.
Bitcoin reaching $ 100,000 will attract a new wave of investors and attention, he said. But it is a classic timekeeper of the market, which goes well with bitcoin because it has bought and sold at the right times. “When there’s euphoria, I go out, and when I see a lot of despair, negativity, like now, I come back in,” he said.
The investment community has worsened somewhat in the cryptocurrency sector thanks to the collapse of stable currencies, fears of further regulation and low general attitudes for assets such as stocks.
Reads: The Guggenheim Minerd sees a more brutal wash for bitcoin that brings it to $ 8,000
Lamoureux is only interested in bitcoins and does not “trust any of these stable currency projects.”
“I’m interested in Bitcoin because it’s the king and that’s where institutional money will flow first. So it’s always the best. Everyone wants to be bitcoin, but they’re not … don’t complicate it, keep up with bitcoin,” he said. he said.
Don’t miss out on a new, deep dive into MarketWatch’s Frances Yue industry, which investigates where analysts think bitcoin and other cryptocurrencies are now headed.
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