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On Thursday, Sylvia Jablonski, co-founder, chief executive officer, and chief investment officer of Defiance ETFs, in an interview with CNBC clarified her Bitcoin Bullishness even after recent price drops.
According to Jablonski, the short-term activity is just “noise.” She points out that looking at the span of six months or a year, it is seen that bitcoin is correlated with equities and risk assets, particularly.
The executive further notes that investors start piling bitcoin, ether, including some other cryptocurrencies back as soon as they see the cryptocurrency market rallying for a few days. In a similar way, they seem to be hitting Bitcoin too whenever pullbacks occur.
In the context of Bitcoin as an inflation hedge, she acknowledges that a few years ago, everyone believed that Bitcoin would witness a great inflation hedge, reacting in the same way as gold and resulting in the “safe-haven inflation trade.” She adds that now it seems that it is trading more like a Nasdaq 100 stock rather than an inflation trade.
Then, forecasting the price action, Jablonski said that the price of Bitcoin is going to show sideways volatility and range-bound price action in the short term. However, in the long term, she says “I still expect bitcoin to be in that $100,000 camp before I expect it to go to zero.”
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Jablonski says she still believes it’s a good time to get in.
Giving the example of Nasdaq again, she says that Nasdaq at one point hit its 200-day moving average and it was still in bear market territory, 20% or more, less than all-time highs.
She then explains that Bitcoin experienced the same trajectory.
She says that there is definitely a tradable bottom and there will be short-term rallies. However, the executive adds that it will not end here, the market still has some overcoming to do in terms of range-bound volatility. “There’s a psychological aspect to the headwinds as well,” the Defiance ETFs co-founder adds.
Further, the executive explained that it was a huge mistake on investors’ part as they held onto their cash due to the Russian invasion of Ukraine and the Fed raising rates since that locks in losses.
She adds that once everyone gets over “that psychological aspect” and starts looking at the fundamentals in the cryptocurrency, economy, and Bitcoin, it will begin to rally.
At last, Jablonski forecasts a range-bound volatility between $46,000, $47,000, and $50,000. In the long term, she says we can witness its rally up to $100,000.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
