[Zain khan]Anthony Pompliano Says Bitcoin Bull Mar

Pomp Investments founder Anthony Pompliano says that the Bitcoin (BTC) bull market is now underway as the crypto king reclaims the $43,00 level.In a new interview with CNBC Television, Pompliano says that Bitcoin is following a historic four-year price pattern related to halving events when miners’ rewards are cut in half.Bitcoin’s bull market has begun. And when you loOK at these market cycles, historically they’ve been kind of four-year market cycles in between these Bitcoin halvings. And so usually what’ll end up happening is you’ll get about two-and-a-half to three years from the bottom of the last bear market to the top of the next bull market. And then you’ll get about a year, year-and-a-half market correction.And so historically that has been hundreds of percent up and then you get about an 80% drawdown…The bull market has begun. And the question now on everyone’s mind is how high will Bitcoin go in this bull market.”Pompliano says that the recent massive Bitcoin rally above $40,000 is likely attributable to two main factors, a possible approval in January of spot market Bitcoin exchange-traded funds (ETFs) and anticipation that the Federal Reserve will start cutting interest rates as soon as in early 2024.“There’s speculation on the Bitcoin ETF. As we get closer and closer to these early January dates, I think people are just saying, Look, there’s higher probability that it’s going to get approved. And if it gets approved, they believe the price is going to go up, so they want to own it before the approval – pretty self-explanatory.Then if you go and you look at things in the macro environment, markets are forward-looking. And so what people are anticipating is, someone may say to themselves, Okay, if we’ve had this kind of quantitative tightening, we’ve had interest rates rise at the fastest rate in history, we’ve been selling off assets off of the Federal Reserve’s balance sheet – that’s going to change at some point.If they continue to keep the economy tight, they’re going to push us into a recession. And so when there is a return to quantitative easing, the thought process is that many assets including Bitcoin will rise very rapidly. And so you don’t wait for them to return to loose monetary policy and then buy the assets. You want to buy it right before they return.”Bitcoin is trading for $43,043 at time of writing, up 4.2% in the past 24 hours.

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