NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Kraken CEO Sees Bitcoin Price at $100K-$1M as Bears Cry Correction

Davit Babayan
Davit Babayan
1 year ago
3 mins read
BTC All-Time High

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The price of bitcoin on Wednesday came close to hitting the $13,000 level for the first time since January 2018. While the cryptocurrency could be on its way to reclaim its all-time high of $20,000, its wild bull run is also increasing the probability of an equally primitive bear correction.

But that does not concern Jesse Powell of US-based cryptocurrency exchange, Kraken. The chief executive officer said today that he is not anchoring his thoughts on an imminent bitcoin correction. Instead, he is looking at a big picture, wherein the cryptocurrency value could reach anywhere between $100,000 and $1 million.

“When I hear people talking about a bitcoin “correction” I’m thinking $100k, maybe $1m. That’s what’s correct,” said Powell.

When I hear people talking about a bitcoin "correction" I'm thinking $100k, maybe $1m. That's what's correct.

— Jesse Powell (@jespow) June 26, 2019

Powell’s bullish sentiment towards bitcoin appears in tandem with a general market viewpoint towards the cryptocurrency’s future. This week, Anthony “Pomp” Pompliano of  Morgan Creek Digital also predicted that bitcoin would reach $100,000 a piece ahead of the 2021 close. The founding partner said that there could be correction periods of 20-30 percent whenever bitcoin hits a new high, but the asset would continue rising, nevertheless.

“These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time,” explained Pomp.

Paper Gains

But not all financial players are big fans of a decentralized cryptocurrency. Prominent US stockbroker Peter Schiff, who was among the few ones to predict the 2007-2008 financial crisis, called the bitcoin’s ongoing parabolic move a “sucker’s rally,” stating that speculators are driving the cryptocurrency’s rate higher without understanding the underlying dangers posed by its lack of intrinsic value.

“It doesn’t matter how high the price of Bitcoin rises unless you sell. Every buyer must eventually sell to realize any benefit from the rise,” said Schiff. “But therein lies the problem. Once HODLERS decide to cash out, the price collapses, wiping out paper gains before they can be realized!”

Bitcoin bugs claim the only reason I am pro gold is that I have a gold company or that one of the mutual funds I manage is a gold fund. Yet they ignore the greater bias of those shilling for Bitcoin, who own huge personal stakes, manage crypto funds, or own crypto businesses!

— Peter Schiff (@PeterSchiff) June 22, 2019

Then, there is Will Harborne, the founder of Ethfinex, a London-based cryptocurrency exchange, who believes the fresh supply of 600,000 tethers (USDT) — stablecoins pegged to the US dollar on a one-to-one basis — is behind the bitcoin price rally. Harborne said in an interview to Decrypt that the over-the-counter exchanges are the biggest buyers of USDT. He explained that a typical OTC handles large-scale bitcoin orders, which sometimes require it to fill the bids with USDT for smooth liquidity.

“An OTC desk might do a large deal selling BTC to a large buyer in the US, and then will convert the dollars to Tether in order to spread the other side of the order across Bitfinex and Binance where there is more liquidity,” he said.

Tether has been a controversial stablecoin for allegedly lacking the US dollar reserves that should back its net USDT supply. In April, the New York Attorney General (NYAG), Letitia James, accused Tether and its associate-exchange BitFinex of hiding an $850 million loss, so to artificially maintain the USDT-USD peg.

Bitcoin Bullish Factors

On the other hand, the bullish sentiment of both Powell and Pomp relies on bitcoin’s scarce economic model. The cryptocurrency’s protocol is set to reduce its supply by half in May next year. At the same time, the demand for bitcoin is allegedly increasing in the wake of an impending geopolitical crisis in the Middle East, and other weak macroeconomic outlooks.

“These,” wrote Pomp, “include large scale institutional adoption, multiple ETF and retail product approvals, increased global instability, lack of performanace in traditional markets, and the continued manipulation of markets, economies, and currencies by governments around the world.”

bitcoin price, bitcoin
Bitcoin Price Closing in On the $13,000 Level | Image Credits: TradingView.com

The bitcoin price was trading at $12,583 at the time of this writing.

Tweet123Share423ShareSend
Davit Babayan
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

bitcoin price btc btcusd 1

Bitcoin Climbs Past $115,000 on Inflation Relief and ETF Flows, But Bearish Signals Loom

Bitcoin (BTC) has extended, surging to a three-week high of $115,500, fueled by softer U.S. inflation data and steady inflows...

James Halver 7 hours ago
Solana

Analyst Sets Bold $1,314 Target For Solana After Cup-And-Handle Breakout

A cryptocurrency analyst has pointed out how Solana may be moving toward a sky-high main target based on a cup-and-handle...

Keshav Verma 8 hours ago
bitcoin

Bitcoin Breaks Above Mid-Term Holder Breakeven – Is A Fresh Rally Brewing?

Bitcoin (BTC) has surged from around $108,000 on September 1 to above $115,000 at the time of writing – recording...

Ash Tiwari 9 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Dogecoin

Dogecoin In Buy Zone: Bulls Eye $0.34 As Immediate Target

Semilore Faleti 1 hour ago
XRP

XRP Price At $23, Dogecoin To $2, And Solana At $1,800? Analyst Unveils 2026 Predictions

Scott Matherson 3 hours ago
Solana, Monero, SUI, pump.fun, chainlink

Solana Eyes Massive Breakout Amid $240 Retest, But Analyst Issues Crucial Market Warning

Rubmar Garcia 6 hours ago

Premium Sponsors

Press Releases

  • ドージコイン 今後の展望:ビットコイン提携とETF開始で次の暗号資産の巨人となるか

    ドージコイン...

    2 hours ago
  • 鯨が一晩で4,000万XRPを売却、リップル 今後は3ドルのサポートを維持できるか

    鯨が一晩で4,000万XRPを売却、リップル...

    3 hours ago
  • 暗号資産トレジャリーの苦境とQ4に狙う仮想通貨プレセール

    ...

    3 hours ago
  • 10月に上昇が期待される仮想通貨おすすめ6選

    ...

    3 hours ago
  • 新しい仮想通貨が投資家を最速で億万長者に導く ― 既存の「買うべき仮想通貨」を超えて

    ...

    4 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.