Marc Lasry has a deep regret about bitcoin. The billionaire hedge fund manager has quickly realized that he should have stacked more bitcoin a few years ago.
Marc Lasry Remains Bullish On Bitcoin
Lasry, co-founder and CEO of Avenue Capital, told CNBC’s Squawk Box on Tuesday that although the bitcoin price could either spike to $100K or plummet all the way to $20,000, the market has been established. This means that the bitcoin price is not likely to careen to zero despite the current bearish sentiment.
Lasry regrets not buying more BTC when it was significantly discounted. He sees the cryptocurrency going higher if more and more people embrace it.
“The probability as more and more people keep using Bitcoin, it’s going to keep moving up. It’s happened a little bit quicker than I thought it would,” he said. “I should have bought a lot more — that was my mistake.”
Lasry made an accurate call back in 2018 when bitcoin was trading at only $7,000. In particular, he proclaimed that the king of cryptocurrencies would reach the $40K level within 3 to 5 years. BTC topped $40,000 for the first time in history in early January this year. The flagship cryptocurrency went ahead to clock an all-time high near $65,000 in mid-April before hitting a snag.
BTC Correction Deepens; Is $19,000 The Utmost Price Floor?
Bitcoin has been on a declining trend ever since Elon Musk announced that Tesla would no longer be accepting bitcoin as a means of payment for its electric vehicles. Growing concerns regarding the tightening of regulations around crypto mining and trading in China is another thing rattling investors in the bitcoin market.
Bitcoin recently incurred its deepest slump in roughly ten days. The fall came after reports that U.S officials were able to recover $2.3 million in bitcoin (BTC) that Colonial Pipeline paid to the DarkSide hacker group during a ransomware attack. Some observers concluded that the retrieval of the BTC showed that the federal authorities had hacked the bitcoin wallet in question.
Meanwhile, on-chain data service Whalemap expects macro support for the bitcoin price to start at $28,000. The strategists relied on the cohort-based realized price which is a metric that extrapolates realized price according to how massive a wallet is, accompanied by the price at which present holders obtained their BTC for as the cryptocurrency soared to $65K historic highs.
“To conclude, there is massive confluence at the 19k level which makes it super hard for $BTC to go lower than that. Another level with confluence is at $27-28k. At least a relief bounce from there would make a lot of sense.”
Bitcoin is valued at $33,669.49 at the time of publication after suffering a 1.44% drop over the past 24 hours. The rest of the crypto market has also dropped substantially. If for some reason bitcoin breaks below $20,000, it would become the first time that the top from a previous bull market has been shattered.