The founder of Pomp Investments, Anthony Pompliano, has announced that the continuation of the bull market is evident with Bitcoin reclaiming the $43,000 mark.
In an interview with CNBC, Pompliano stated that Bitcoin is following its historical four-year price pattern, which is associated with the halving events that cut miner rewards in half.
He mentioned that Bitcoin’s bull market has started and it usually takes two and a half to three years to reach the peak of a bull market from the bottom of the last bear market, followed by an expected market correction lasting one and a half years.
Pompliano suggested that the recent rise in Bitcoin’s value is likely tied to two main factors: the possibility of approval for Bitcoin exchange-traded funds (ETFs) in the spot market in January and the expectation that the Federal Reserve will start lowering interest rates as soon as possible.
He noted that there was speculation about Bitcoin ETFs, and as dates approached in early January, the likelihood of approval increased, leading those who believed that prices would rise upon approval to want to own Bitcoin before the confirmation. Additionally, he pointed out that markets are forward-looking and that people could anticipate many tokens, including Bitcoin, to rise rapidly in the event of a potential recession.
