American entrepreneur and Bitcoin bull Anthony Pompliano has again affirmed his bullish sentiment towards the flagship crypto. This time, he advised investors on what they should be doing during this BTC dip and suggested that there was no need to be concerned despite Bitcoin’s recent underperformance.
Bitcoin Dips Are For Buying
In an interview with FOX Business, Pompliano mentioned that Bitcoin dips are buying opportunities and that every “great investor” who knows what they have understands they should buy more when prices move against them. He further claimed that anyone questioning whether or not they should be buying more during this BTC dip may actually not know what they own, alluding to Bitcoin’s potential.
Pompliano made these statements while noting that retail and institutional investors are beginning to realize that Bitcoin is a “resilient” asset that will be worth more in the next five to ten years than it is now. The American entrepreneur also explained how BTC has matured compared to previous market cycles while still achieving impressive growth.
He stated that Bitcoin experienced several 30% and 25% price corrections in the 2017 and 2021 bull runs. However, things have improved in this market cycle, with the flagship crypto only experiencing price drawdowns of about 15%. He claimed that this shows that BTC’S volatility is dampening.
Meanwhile, he also noted that BTC has the Spot Bitcoin ETFs in this market cycle, which was lacking in the previous bull runs. He believes these funds will be a major catalyst for Bitcoin’s run heading toward year-end. Pompliano predicts that Bitcoin can hit a new all-time high (ATH) before the end of 2024.
However, he warned that BTC may no longer appreciate as high or as fast as it used to now that institutions are invested in the flagship crypto through the Spot Bitcoin ETFs. He again remarked that this is because the entrance of these institutional investors has dampened Bitcoin’s volatility.
Thoughts On The Spot Ethereum ETFs
Pompliano also gave his thoughts on the Spot Ethereum ETFs and when they could begin trading. He stated that these funds will likely start trading sometime this summer. He added that they could begin trading sooner rather than later based on rumors that the Securities and Exchange Commission (SEC) is close to approving these funds.
He believes that Ethereum has a problem that BTC doesn’t and suggests that this could negatively impact the amount of inflows that the Spot Ethereum ETFS attracts. According to Pompliano, Bitcoin has a single narrative as it is known as a ‘store of value’, which he believes has been enough to convince investors to invest in the flagship crypto.
On the other hand, he said that Ethereum has many narratives, which creates a confusing story for the second-largest crypto token by market cap. He noted that this could be a big problem for the Spot Ethereum ETFs since institutional investors could easily be confused by what Ethereum is about and opt against investing in these funds.
Featured image created with Dall.E, chart from Tradingview.com
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