Bitcoin Has Cratered from Its Post-election Highs, but Investors Are Still Confident It Could Hit $200,000 This Year

Recently, Bitcoin has cratered from its post-election highs of over $100000, down to just around $80000. Despite this, investors are still confident that it could hit $200000 this year

Bitcoin has recently seen a drop from its post-election highs of over $100,000, to just around $80,000. However, despite this, investors are still confident that it could hit $200,000 this year, and maybe even $500,000 by the end of Trump’s term.

But crypto experts are saying that this recent price drop actually isn’t anything out of the ordinary. Professional Capital Management CEO Anthony Pompliano likened it to a normal price correction, saying on Fox Business, “In 2017, Bitcoin went up 20x, it had 6 different draw downs of 30% or more. So this is very normal, it’s just, the first time you go through it, it doesn’t feel so good.”

He added that despite this recent price drop, Bitcoin won’t be going anywhere any time soon, saying, “People who want to buy bitcoin as individuals, they still will buy in to a lot of those ethos. But also, Wall Street says ‘Hey this is good for our business.’ So they’re gonna put different wrappers on it, like ETFs, etc. Understand that Bitcoin is going to end up in everyone’s portfolio.”

Pompliano went on to say that what this draw down does do, is provide a good buy-in opportunity. He said, “When Bitcoin’s price goes down, there’s still a lot of people in the media that can’t wait to celebrate Bitcoin’s demise. Usually what that does, is it provides bitcoiners a nice entry point.”