Sylvia Jablonski, the CEO of Defiance ETFs, says that it’s a “good time” to invest in Bitcoin. She is also extremely bullish on the future of Bitcoin and believes that the price will reach $100k. This is great as the price of BTC has now been on the uptrend for a while as it recovers from the 50% correction from its all-time high.
Defiance ETFs CEO is bullish on Bitcoin
In a recent interview with CNBC, Sylvia gave her two cents on the price of Bitcoin and why she is bullish about it. The recent corrections can have anyone worried about the future of cryptocurrency. But hearing from an expert why they think Bitcoin is going to be great for rekindling lost faith in BTC. So, coming to the interview, the first thing that Sylvia commented on was the short-term ups and downs of the market. She termed them as noise.
Sylvia said that in the past 6 months, Bitcoin has strongly correlated with equities. Investors have been getting in and out on Bitcoin rallies quite often, and pullbacks hit the markets hard. Bitcoin also isn’t acting like an inflation hedge like Gold. It is more like trading a NASDAQ 100 stock, says Sylvia. She then added that in the short term, there would be a lot of volatility, and the price might be range-bound between $46k and $50k. However, she expects it to reach $100k more than zero.
A rally might be near
Based on what Slyvia said about the correlation between the equity market and Bitcoin, we could say a rally might be near. She said that the fall in NASDAQ from the 200-day average pushed Bitcoin down as well. However, as the stock markets are recovering, so is Bitcoin. NASDAQ has neared the 200-day average and could soon be taking off racing towards the previous ATH. This means Bitcoin could see a major rally as well.
However, there are a lot of things happening all over the world, and psychologically the markets might not be ready yet. This means the path to $100k will definitely not be a straight line.
What are your thoughts as Defiance ETFs CEO says it’s a “good time” to invest in Bitcoin? And are you already hodling BTC or plan to invest in it soon? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Survey suggests 21% of Americans have dealt with crypto.
