Bitwise CIO: Retail investor sell-off nearing its end; Bitcoin still has a chance to hit a new all-time high by the end of the year.
In a recent CNBC interview, Bitwise's Chief Investment Officer pointed out that the current crypto market is witnessing "two worlds":
Crypto native retail investors are experiencing a meltdown, with leveraged liquidations and yield protocols suffering setbacks.
Meanwhile, institutional investors continue to increase their holdings, driving funds to flow into Bitcoin ETFs.
He believes this means the market is approaching a turning point.
"The clearing process of retail investors is nearing its end, selling pressure is almost exhausted, while buying pressure remains strong."
Regarding the year-end market, he predicted that the price of Bitcoin could rise to the range of $125,000 to $130,000, and stated that "Saylor's target of $150,000 is not out of reach."
He also emphasized that institutional investors are becoming the new dominant force in the market, and their rationality and long-term perspective will drive the next round of market activity.
"We are closer to the bottom than we thought."
