Bitcoin Could Hit $100K in the Next Bull Run: Hedge Fund CIO

Crypto hedge fund executive, Murad Mahmudov this morning added his voice to the growing song of experts calling for $100k a bitcoin.

The CIO of Adaptive Capital weighed in on the technical debate observing that the current choppy price action is most likely just a “steady accumulation” phase.

Earlier this month, Bitcoin evangelist Anthony Pompliano also extolled the flagship cryptocurrency's values hinting that we could see Bitcoin at $100k in a mere 30 months.

When it comes to trading, humans love round numbers. And in crypto, adding a zero to those numbers carries with it visions of parabolic riches. Experienced bitcoin traders know all too well that if you take a vacation at the wrong time you might just miss out on 10x returns.

Historically speaking $100, $1,000, and $10,000 were all key levels. It only stands to reason then that the next psychological barrier squares firmly at the $100k mark.

As Mahmudov points out, every pullback is another opportunity to add to your long-term holdings:

“A number of confluences pointing to that level on the Daily as well. Goes without saying that this is not financial advice, but If I were a betting man, I would be patiently and slowly adding at every key support.”

Taking In the Bigger Picture | $100k Bitcoin

Ok, so July and August have not been particularly favorable compared to the first half of the year. But let's zoom out and get some perspective, as Mahmudov suggests. From a weekly standpoint, cyclical indicators still have plenty of room to run.

Bitcoin long-term trend. $100k
Cycle indicators still have plenty of upside in the race to $100k. Source: TradingView

 

2016 and 2017 provided ample opportunities to BTFD. It remains to be seen whether 2019 will offer the same.

As long as the current chop continues you may be able to squeeze out some healthy gains on both sides of this market. Maybe. Mahmudov's words are cautious but poignant - don't outsmart yourself for the small wins by avoiding the larger trend.

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About the author

Ryan Smith
Ryan Smith

Ryan is a web designer, writer, and cryptocurrency trader who hails from sunny South Africa. He eats, breathes and lives crypto. With experience trading the FX & Crypto markets, he's always trying to understand the bigger economic picture. When not meticulously looking over the charts, he can be found planning his next road trip or running around a 5-a-side soccer field. Gmail: ryanbrennansmith [at] gmail [dot] com. Twitter: @Trendz

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