Bitcoin Bounces Back: Experts See Worst Over, $85k Target in Sight
Bitcoin's recent rebound has left many wondering if the worst is over for investors. Tom Lee and iTrustCapital CEO Kevin Maloney are among those who believe that to be true.
In an interview, Maloney stated that his firm was holding about $350 million in idle client cash, but 'significant portions' were now being invested again.
'Bitcoin doesn't need Clarity Act,' he said, referring to the failed crypto bill. He also named a level to watch: a weekly close above $85,000 would put Bitcoin in a good position.
Tom Lee of Fundstrat Capital agrees that the worst is over for investors. He pointed out that the rate hike was a peak and not the start of a squeeze. Economists expect the government's preferred inflation gauge to be cut from 3.4% to near 3%, which would make it difficult for the Fed to get more hawkish.
The recent rate hike and failed CLARITY Act did spark some concern, but Bitcoin has since recovered. Investors pulled $450 million from Bitcoin ETFs on September 15, but the next test arrives on September 30 when revised inflation figures are released.