Pomp: Low likelihood of major Bitcoin recovery this year

Bitcoin Recovery

World-renowned cryptocurrency advisor, Anthony Pompliano, has poured cold water on talks of any major Bitcoin recovery in 2019.

Speaking to CNBC, The Morgan Creek Digital founder, said he believes the likelihood of a major Bitcoin price recovery in 2019 is “probably low”.

“I don’t think that we’ve got much further to fall but I also don’t think that it’s over,” he said this morning on the Crypto Trader program.

“I think that it’s likely we kind of just go sideways for a while.

“If you look a Bitcoin’s price, maybe somewhere between like 2500 – 4500, for a good portion of the year is probably likely, based on what we’re seeing.”

Bitcoin recovery
Anthony Pompliano appearing on the CNBC Crypto Trader programme (10/01/19).

Bullish on Bitcoin Adoption

While Mr Pompliano is somewhat pessimistic about the near-term Bitcoin price, he’s optimistic about Bitcoin adoption.

“All the underlying fundamentals show that adoption has continued to increase, even through the bear market,” he said.

Micky World Exclusive: Could Russia spark a Bitcoin bull market? Click to read.

“If you look at hash rate, it four ex’d (increased by 4 times) in 2018, if you look at the number of transactions from March of 2018, through December continued to increase… And over 400 billion dollars was settled on-chain for Bitcoin last year.”

“So I think that’s only going to continue for 2019 and beyond.”

He predicts one of the biggest drivers of Bitcoin adoption over the coming year will be the Bitcoin Lightning Network.

Cryptocurrency ‘Zombies’

Speaking to Ran Neu-Ner from the US, Managing Partner at Shomei Capital, Arjun Balaji, has described some altcoins as ‘zombies’.

Mr Belaji didn’t specify what altcoins he was referring to, but he said many will be completely “flushed out” in the coming year.

“I don’t think we’ve seen the worst yet, the market I think, still has yet to bottom out.

“A lot of the tokens that you see trading in this market, they’re virtually zombies, they haven’t been fully flushed out of the market yet.

“So until that happens I’m a little skeptical that the markets fully bottomed out, I think we’ll see that sometime this year.”

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