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A big time Wall street entrepreneur felt Bitcoin is bound to bounce as traders ponder when Bitcoin could recover. However, the timeline for long term holding of Bitcoin is a bit long, the entrepreneur said.
Will Bitcoin Recover By End Of 2022?
At a time when traders are wondering, “Will crypto recover?” former stockbroker Jordan Belfort said it is almost certain that there will be a bounce. However, his bitcoin price prediction is for long term holders in the range of three to five years.
According to a Bloomberg report, Belfort is optimistic about Bitcoin’s prospects in the long term. He said Bitcoin’s underlying fundamentals are strong.
“Bitcoin price will ‘almost certainly’ climb over the next three to five years. If you take a three or maybe five-year horizon, I would be shocked if you did not make money. Because the underlying fundamentals of Bitcoin are really strong.”
Uncertain Of Bitcoin Bounce Over Two Years?
However, the former stock broker is not too sure about Bitcoin’s future in the short term. He felt there could be an element of luck at play with regard to some traders making profits in Bitcoin. Belfort said that if luck favors, investors could almost certainly make money by investing in Bitcoin.
“With reasonable luck, investors will almost certainly make money over a period of just two years.”
As of writing, Bitcoin is trading at $19,455, down 0.43% in the last 24 hours, according to CoinMarketCap. On a weekly basis, BTC is down around 7.50%. In the last 24 hours, Bitcoin went to an extreme low of $19,341, while the daily high stands at $20,405.
In the month of June, Bitcoin fell by more than 37%, which means this is the worst monthly performance since 2011. Also, on a quarterly basis, Bitcoin registered its worst quarterly numbers, with losing over 60% value in the second quarter of 2022.