Wall Street Mogul Investor: "Bitcoin (BTC) will see $50,000 before $100,000"

▲ Bitcoin (BTC) crash/ChatGPT generated image

Mogul investor Gary Cardone warned that Bitcoin (BTC) is more likely to see $50,000 before $100,000, and that $300 billion could exit the cryptocurrency market.

Cryptocurrency-focused YouTube channel Altcoin Daily discussed Bitcoin market structure and future price predictions with Cardone in a video uploaded on July 4 (local time). Cardone stated, "We haven't seen a real sell-off yet in this cycle." He added, "I'd bet $100,000 that we'll see $50,000 before $100,000."

The key issue Cardone pointed out is the lack of new buyers. He noted that long-term holders who acquired Bitcoin at lower prices in the past are not making additional purchases at $75,000, $80,000, and $85,000. Cardone emphasized, "Existing participants are no longer buying Bitcoin," stressing the need for new funds to drive the market up.

He also cited financial pressure surrounding altcoins and Bitcoin-holding companies as a risk factor. Cardone claimed that approximately 150 companies, mimicking Strategy (MSTR), hold over 300,000 BTC, but many of them lack sustainable business plans. He suggested the possibility of Bitcoin falling to the $40,000 range, stating, "$300 billion could exit the crypto market, and that money will not go into Bitcoin."

Cardone believes that a strong sell-off down to $50,000 must occur first to confirm a bullish reversal. This, he explained, must be followed by a rapid rebound of $10,000 and confirmation of price support to determine actual buying interest. While presenting a scenario where Bitcoin reaches $180,000 by 2030, approximately three times its current level, he also said, "I am re-evaluating who the buyers are."

Regardless of the short-term bearish outlook, Cardone maintained his view of Bitcoin as a long-term asset protection tool. He cited limited supply, absence of storage costs, and its value as collateral as investment grounds. Cardone emphasized, "Bitcoin is a store of value with no storage costs and will someday be superior collateral."

[Article Key Summary]

-Gary Cardone predicted that Bitcoin is more likely to see $50,000 before $100,000.

-Cardone claimed that $300 billion could exit the cryptocurrency market, and that capital might not move into Bitcoin.

-Cardone presented a $50,000 sell-off, a $10,000 rapid rebound, and confirmation of price support as key conditions for a Bitcoin bullish reversal.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*