Bitcoin’s recent price behavior has raised concerns about its future, with some viewing it as a sign of strength rather than weakness. Roundtable anchor Rob Nelson and CEO Scot Johnson discussed the potential for bitcoin’s stability, arguing that it has found strong support around the $50,000 mark.
They also discussed why bitcoin’s reduced volatility could be seen as an advantage, as it makes the market more predictable and less panic-driven. They also mentioned that past cycles of stability often led to significant upward movements, suggesting that bitcoin could still reach highs by the end of the year.
Nelson was cautiously optimistic about bitcoin’s price reaching $80,000 or more before year-end, while Johnson remained bullish, standing by his previous prediction of $100,000. Both agreed that while volatility remains a factor, the long-term trend appears promising. Crypto research fund Fundstrat has reiterated its $115,000 bitcoin price target for the end of 2024.
Johnson concluded by reassuring investors that the current stability could be an ideal entry point into the market, as past periods of range-bound behavior have preceded substantial price increases, reinforcing his belief that now might be the right time to invest in bitcoin.