Bitcoin‘s (CRYPTO: BTC) recent pullback signals the digital asset is maturing into a more stable market, according to Anthony Pompliano, founder and CEO of Professional Capital Management.
What Happened: “What I think we’re watching is a market that’s maturing, institutions are coming in, it’s getting bigger. And so what you’re starting to see is kind of muted volatility,” Pompliano told CNBC on Thursday.
“And that means that people who are hoping Bitcoin is gonna go to $400,000, $500,000 in a bull market, this cycle is probably not gonna happen. But also people who think that you’re gonna get… 85, 90% drawdowns in the bear markets, that’s probably not gonna happen either.”
Pompliano noted that Bitcoin’s drawdowns in this cycle have been around 10–15%, compared with the 30% …