Market turmoil could spark a 30% bitcoin surge—here's why
10/09/2024 01:45Experts discuss bitcoin's potential for explosive growth despite global tensions and market uncertainty.
Amid escalating geopolitical tensions and volatile market conditions, Roundtable anchor Rob Nelson convened industry experts to discuss bitcoin's heightened sensitivity to global events and its future trajectory.
The panel included Sam Price, Founder of CryptoLifer; Kelly Kellam, Director at BitLab Academy; and Gary Cardone of Cardone Digital Ventures. Together, they delved into how bitcoin is reacting to crises, the role of liquidity, and the potential for significant price movements in the coming months.
Rob Nelson observed that bitcoin appears more responsive to geopolitical crises than ever before. "I'm really noticing that bitcoin more than ever before seems to respond more than it used to anyway. Every time there's an explosion, every time Iran does something to Israel or the Middle East, bitcoin dives," he noted. This set the stage for a discussion on bitcoin's correlation with traditional markets and global events.
Sam Price highlighted the importance of liquidity and institutional investment in bitcoin's performance. "Bitcoin can't go up until the banking system deploys capital... You're always waiting on the big boys to make a move," he explained. Despite short-term dips, Price emphasized bitcoin's resilience: "If it takes a dip, it's the first thing to bounce back faster too, in my humble opinion."
Kelly Kellam pointed out that uncertainty is keeping retail investors on the sidelines but expressed optimism about the near future. "We have not gotten the retail sector coming in yet. We still have uncertainty... but I still expect... by the end of November, we will be resolving very gracefully to the upside," he said. Kellam believes that patience is key as market signals indicate a potential upswing once clarity returns.
Gary Cardone offered a pragmatic view on investment timing and potential returns. "I think we're going to see something explosive. And by explosive, 20 or 30% increase to me is a nice explosive move," he stated. Cardone emphasized the uniqueness of bitcoin as an asset and noted, "The vast majority of super wealthy people... do not have bitcoin," indicating a significant untapped market and investment opportunity.