The co-founder and partner at Morgan Creek Digital, Anthony Pompliano took to Twitter recently to speak his thoughts on the current state of the flagship cryptocurrency Bitcoin as well as the market in general.
Well-known for his price forecasts, and often called Pomp for short, the co-founder has emphasised how incredible the Bitcoin market has performed the old switcheroo on itself over the past six months and noted that the current bull market will be “incredbile”.
“In less than 6 months, Bitcoin sentiment went from capitulation to permabulls. This bull market is going to be incredible.”
Towards the end of May, Pomp said that he is more bullish on Bitcoin now than he has ever been. One of the reasons behind this was because the co-founder believes the upcoming Bitcoin halving is a major propeller of the present bull market.
If we have a look in the history books we can see that before a halving, the BTC price surges. This is mainly because it’s about to get even more scarce than it already is. Due to this limitation, investors are driven to buying at any price to be a part of it. This is known as FOMO and is part of day to day life as well as stocks and crypto.
Pomp also highlighted that there are signs institutions are getting ready to enter the market.
Before these statements, Pomp believed the Bitcoin market was on its way to a $5 trillion market capitalisation.
As reported by ZyCrypto:
“Irrespective of forecasts by various analysts, during the last bull market that drove the price of bitcoin to its all-time highest point, the Bitcoin network encountered major challenges.
Everyone on the network experienced slow transaction confirmation times. And with the increase in adoption, these challenges may just creep in again as they have not been properly addressed.”
All Hail the King
There are some analysts that believe Bitcoin won’t be in the top spot for much longer. Due to issues with scalability, volatility and other challenges BTC must overcome, it is unclear as to how long Bitcoin will still be king.