Pomp Investments founder and long-time Bitcoin bull Anthony Pompliano, is predicting that Bitcoin (BTC) will start breaking out once the summer concludes.
Pro-Bitcoin banter has been making the rounds on crypto Twitter lately as some speculate that the flagship digital asset is primed for a breakout rally once the summer concludes.
Among those expressing optimism is Anthony Pompliano, co-founder of Morgan Creek Capital and host of “The Pomp Podcast.” In a recent interview on CNBC Squawk Box, Pompliano stated that based on historical precedent, Bitcoin will likely enter an uptrend as soon as September once market participants become more engaged.
“The only thing we need as a catalyst for Bitcoin is time. One of these interesting things about if you go and look through all these different cycles, the summer’s just slow. People are doing stuff. People are traveling. You know, they’re not sitting in front of their computer watching the chart. And so when we get into September and beyond, I think that’s just enough to get the price going back up.”
Pompliano's comments come as Bitcoin has been consolidating within a range between $55,000 and $65,000 for the past few months. The coin's price has largely remained flat during this period despite several attempts to break out of the range.
The analyst also touched on the metric of Bitcoin last active days, which provides insight into the percentage of BTC that has not been moved in over a year. According to Pompliano, this metric indicates that earlier Bitcoin holders are distributing their coins as the price rises.
“At the start of this year, the amount of Bitcoin that had not moved in over a year was over 70%, so very high. Now, as the price has risen, some of that has started to get distributed, which is what you would expect in a bull market…
My expectation is, as we get further into the bull market, that number will come back down towards 50%-55% but still, at least half of the Bitcoin probably is being held by people who have a 10-plus year time horizon.”
Bitcoin is trading for $57,903 at the time of writing, down nearly 4% in the last seven days.
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