Longtime crypto bull Anthony Pompliano gives his prediction on Bitcoin (BTC) as the flagship crypto asset trades within a range.
In a CNBC interview, Pompliano says say Bitcoin has been trading sideways in recent months due to reduced activity over the summer.
“Well, I guess it’s just a sideways summer, you know. People kind of saw this huge run-up after the Bitcoin ETF (exchange-traded fund) was approved earlier this year. A lot of capital has flown into this, both retail and some institutional.
And when summer came, I think people just left.
Bitcoin is trading at $59,308 at the time of writing.
Pompliano also says that if history repeats itself, a bullish phase for Bitcoin could begin in the coming weeks.
“I think if you look at the historical bull run cycles, the end of Q3 into Q4 is when things start to improve. And you will see that from that moment on you will know somewhat how the price of the asset will rise.”
As for other crypto assets, Pompliano says Ethereum (ETH)’s underperformance versus Bitcoin and Solana (SOL) can be attributed to the lack of a single defining characteristic.
“I think with Ethereum people are still trying to figure out what it is and whether I should have it in my wallet or not. If you look at the [spot Ethereum] The ETF launch had a big first week, but you don’t hear about it as much as people talk about Bitcoin.
And so some people think it’s a world computer, some people think of it as ultrasound money, some people think of it as, you know, you name it another story. But I think the lack of a clear story means that interest is diminishing to some extent.
And if you go back and look at the financial performance, you know it’s been at $2,400 for a while. So while Bitcoin, Solana [and] others have risen significantly in that time frame, Ethereum is essentially flat.”
Ethereum is trading at $2,529 at the time of writing.
Bitcoin and Solana are up 102% and 478% respectively since opening in August 2023, while Ethereum has risen 35% in value over the same period.
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Generated image: Midjourney