Bitcoin headed to a more active buying period: Pomp
“Right now at 112, 113,000, it is pretty oversold,” Pompliano said. He said that Bitcoin’s oversold signals, along with Bitcoin approaching September and October, in the year following the April 2024 halving, could indicate the asset’s price is ready to move higher.
Bitcoin is down 4.98% over the past 30 days. Source: CoinMarketCap
“People are in front of their screens in September, they are not in front of their screens in August, so people are buying and being more active,” he said.
However, just over a week after Bitcoin reached new all-time highs of $124,128 on Aug. 14.
Since 2013, Q3 has been Bitcoin’s weakest quarter on average, returning just 6.02%, while Q4 has been the strongest, averaging an 85.42% gain, according to CoinGlass.
Pompliano says that when people expect history to repeat, it can help encourage buying.
“If people believe that the end of Q3 and the beginning of Q4 is a good time for Bitcoin, people start to act in a way,” he explained.
Pompliano doubts $1 million Bitcoin this cycle
Although Pompliano expects Bitcoin to pick up toward the end of the year, he said he doubts it will hit $1 million in this cycle, though it may in the future.
He added that speculation around the highly anticipated Sept. 17 US Federal Reserve rate cut, along with treasury firms raising more funds to buy Bitcoin, could increase demand for Bitcoin.
Related: Bitcoin sell pressure ‘palpable’ as $BTC bid support stacks at $105K
“Bitcoin will definitely go to one million at some point in the future, but I just think this cycle it is very unlikely that it is going to go to a million dollars,” Pompliano said.
Pompliano’s prediction comes just a day after Coinbase CEO Brian Armstrong said he has a “rough idea” that Bitcoin should reach $1 million by 2030.
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