In a recent interview on CNBC’s Squawk Box, Pompliano revealed his prediction that Bitcoin will experience an 85% decline from its all-time high before finding a bottom — implying a price floor of roughly $3,000.
— CNBC (@CNBC) November 26, 2018
As we recently reported, Bitcoin briefly rallied on Sunday but failed to break out above $4,200. It is currently trading for $3,740, or roughly 20% above Pompliano’s current price target.
While Pompliano is certainly bearish in the short-term, he emphasizes that he is bullish on Bitcoin over the long-term, citing its performance over the past two years relative to other asset classes, in addition to what he sees as an influx of institutional capital.
“Through 2017 all of the buyers were retail — as the price is drawing down you’re starting to see institutional investors come in,” claims Pompliano.
BTC currently has a $65.1 billion market cap, making it roughly 54% of the $120.35 billion cryptocurrency market.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.