Venture capitalist and MHC Digital Group founder Mark Carnegie believes that Bitcoin (CRYPTO: BTC) might be heading into a bullish stint.
What Happened: During an interview with CNBC Carnegie predicted that Bitcoin is expected to approach or reach the $50,000 mark again. “It’s [Bitcoin] clearly primed for a bit of a run and a retest to $50,000.”
Looking ahead, Carnegie shared, “So my feeling is short term, long, medium term, which is, you know, 30 to 90 days, probably a retrace.”
As #crypto investors eagerly await the #SEC‘s verdict on #Bitcoin #ETFs, will this be enough to send #BTC through the 50K handle? @iammarkcarnegie of @MHCDigitalGroup thinks a run and a retest is possible. @WillKoulouris @tanvirgill2 pic.twitter.com/1vvHtP53hu
— CNBC’s Street Signs (@StreetSignsCNBC) January 8, 2024
He also expressed concern about the current state of the U.S. equity markets and potential recession indicators. “I feel like that miss on payrolls last week, makes me feel like there’s a big flip. And everyone’s going to start panicking about recession,” he explained.
In December, the United States saw the creation of 216,000 jobs, surpassing the previous month’s revised figure of 173,000, as well as exceeding economists’ expectations of 170,000. The unemployment rate held steady at 3.7%, defying expectations of a slight increase to 3.8%.
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Why It Matters: When asked about the specific impact on cryptocurrencies, Carnegie stated, “How’s that going to affect crypto? I don’t really know.”
He discussed the influence of spot Bitcoin ETFs and suggested inflows. “Net flows way more out of Asia at the moment than they are out of the US, which makes me feel like us is going to do its thing with the ETFs there’s what 5 billion waiting to come there, you know, it’s going to be nice, but it’s going to be a yawn compared to the amount you’d be hoping after a short term thing.”
Carnegie has voiced a preference for Bitcoin in comparison to Ethereum (CRYPTO: ETH) amidst the current financial landscape. “Bitcoin feels more solid to me at the moment. So on a relative basis, I can talk like I can talk to you. I feel like for the next little while, Bitcoin feels better to…
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