As Bitcoin reached a new all-time high, Gemini co-founder Cameron Winklevoss suggested the real rally is yet to come.
Bitcoin (BTC) has still room to grow as the recent spike to a new all-time high was not driven by retail fear of missing out, Gemini‘s co-founder Cameron Winklevoss speculates.
— Cameron Winklevoss (@cameron) November 10, 2024The road to $80k bitcoin was paved with steady ETF demand. Not retail FOMO. Little fanfare.
People buy ETFs, they don’t sell them. This is sticky HODL-like capital. Floor keeps rising.
Where are we in the cycle? We just won the coin toss, innings haven’t started.
In an X post on Nov. 11, he rebuffed theories that the price spike above $80,000 was fueled by retail investors, implying that the surge was likely triggered by “steady ETF demand.”
“People buy ETFs, they don’t sell them. This is sticky HODL-like capital. Floor keeps rising.”
Cameron Winklevoss
Although Winklevoss provided no timeframe nor scenario for retail traders’ comeback, he noted that Bitcoin’s surge is barely the beginning of a new rally, though Winklevoss did not specify a timeline for when retail traders might return.
Cameron Winklevoss’ comments echo expectations from other analysts and traders who expect that Bitcoin’s rally could push it past the $100,000 mark. Some, like Dan Tapiero, CEO of 1RoundTable Partners, expect Bitcoin could exceed $100,000, with Tapiero eyeing $350,000 in the long term.
— Ki Young Ju (@ki_young_ju) November 10, 2024I expected corrections as BTC futures market indicators overheated, but we're entering price discovery, and the market is heating up even more.
If correction and consolidation occur, the bull run may extend; however, a strong year-end rally could set up 2025 for a bear market,…
However, some caution remains. CryptoQuant CEO Ki Young Ju warned of potential market corrections, citing “overheated” indicators in Bitcoin futures. In a Nov. 9 post on X, he particularly noted that a correction could bring Bitcoin’s price down to $58,974 before the rally potentially extends.
As of press time, Bitcoin is trading at $80,974, with a market capitalization exceeding $1.6 trillion.