Jones said two years ago that he had set aside up to 2% of his portfolio to buy bitcoin. In a recent interview with CNBC, he confirmed that he still has a small portion of the coins in his portfolio. In today’s article, you will find out his bitcoin price forecast.
Paul Tudor Jones’ BTC Foresact
Back in May 2020, billionaire investor Paul Tudor Jones claimed that Bitcoin was ‘the fastest horse’ and warned that hedging against inflation was critical.
On both counts, he was right. At that moment, the value of BTC was less than $10,000. After 18 months, the very first cryptocurrency hit a new all-time high of $68,700.
Then Jones also warned of ‘an unprecedented expansion of every form of money, unlike anything the developed world has ever seen.’
Major economies are currently facing astronomical levels of inflation.
In an interview with CNBC, Jones, who made a name for himself by predicting the stock market crash in 1987, offered an updated version of his current forecast.
He warned that we are likely heading into a recession, and risk assets are likely to fall further.
And about the Federal Reserve’s efforts to bring inflation down to its 2% target, he warned that once inflation has begun, it will be very difficult to stop. He also expressed his opinion on the future of cryptocurrencies. Thus, Jones said:
In a time where there is so much money, which is why we have inflation and a lot of fiscal spending, crypto, especially something like bitcoin and ethereum, where there is a finite amount of it that will someday have value. Not me. Know when it will happen, but it will have value, that minus premium.
He also added that prices will be much higher than today. However, it is important to note that a looming recession could push prices down to lower levels. So, get ready for it.
Bitcoin and Ethereum Forecast: Technical Analysis
The technical analysis was carried out based on statistical data and personal analytical views.
So, the chart of the BTC/USDT trading pair looks bearish. There is a squeeze to the $19,000 level.
Such frequent testing of the same price mark can lead to a breakout and a price drop to lower values.
If the support level is broken, there is a chance to see bitcoin at a price of $17,000. It is worth noting that the probability of this is quite high.
However, one should not be completely sure of a further fall.
If you believe in the future of cryptocurrencies, you should already have bitcoin in your portfolio.
Why? For one simple reason — bitcoin fell by 72% from its maximum value. Therefore, it is clear that current prices are already attractive in the long term.
Read Next: Crypto Winter 2022: Why Should You Invest in a Bear Market?
Conclusion
Price forecasts allow you to observe the market situation and more accurately assess all fears and risks. Most bitcoin price predictions include both optimistic and pessimistic forecasts. Thus, it remains only to observe how the price of digital gold will change in the future.
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What is the prediction for bitcoin price? What do you guys think? Feel free to share your forecasts in the comments below!
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